Mobile handset giant, Nokia and Yes Bank have tied up to come with mobile payment service in India. The idea is to extend the financial inclusion drive in the country.
Suresh Sethi, group president, transactions banking group, international banking, Yes Bank, said, “The entire process is based on the mobile-payments and pre-paid Acts by the RBI (Reserve Bank of India) that has enabled us to certify correspondents that can offer basic banking services. We would be certifying to the Nokia vendors and thus enable rural banking.”
Once the facility is launched, customers can debit funds at Nokia centres which would get converted to digital money on the phone.
The facility has also received RBI approval.
Suresh Vedula, GM, sales, Nokia, said, “The mobile payment solution is directed towards a cash-less society that would enable consumers transfer funds on mobile with-in an ecosystem like the regular kirana store and the laundry, amongst such payments. While utility fund transfers like electricity bill payments, land-line bills and even satellite TV providers would be tied up for direct funds transfer through mobile.”
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