JOINING THE fray of introducing the mobile wallet service after popular mobile service provider Airtel, is Nokia. The mobile handset manufacturing company, which in terms of saleability, is the largest in India, is now contemplating to extend its services throughout the sub-continent by early next year.
Speaking on the sidelines of the launch of Nokia X1-01 and Nokia C 2-00 in the Andhra Pradesh market, officials said that by 2012, it (Nokia mobile wallet) will become a pan-India product. The focused market is semi-urban and rural markets and also below-average income urban markets.
Currently, the Nokia mobile wallet facility is available in Delhi NCR, Chennai and Pune and has forged an alliance with the Union Bank of India and Yes Bank. However, the company is in process to get in talks with other major banks, which have got a pan-India presence.
The Nokia mobile wallet features come embedded with the Nokia X1-01 and the C 2-00 mobile phones, and interestingly is the only brand in the market that provides this facility with its partner banks. So far, it is just mobile service provider companies such as Airtel, Vodafone and Reliance that has initiated this service.
However, the service will be categorised into two categories. Customers who do not have sufficient identity proof will be categorised under the no-frill account in, which the daily transaction limit will be specified apart from having maximum cash limit. Under the no-frills account, in compliance with the RBI guidelines, the customer will get a limit of Rs. 50,000 maximum, and daily transaction limit of Rs. 5,000.