Thursday, July 07, 2011

The key to the Nokia Money strategy is a flexible mobile application

Nokia announced a collaboration with MCB bank in Pakistan recently. With this move, they have demonstrated that they could move the concept started in India into other markets. (Read here). MCB have successfully used Fundamo technology to roll out their mobile strategy and have won numerous awards for the success that they have achieved in the Pakistan market. (Read here). Not only then is this move extending Nokia's regional reach, but also an extension of technology suppliers. This is of course a positive move.

The ability of Nokia to offer mobile banking as a primitive feature on all of their handsets will be critical to the success of these initiatives. According to some media reports, it is the intention of Nokia to offer the mobile banking application on all of their handsets (from the basic sets to smartphones). (Read here). It is going to be their ability to do this in a seamless way, integrating into multiple different back-office systems, ensuring compliance with different regulatory dispensations and doing so in different languages, that is going to be the proof point of the strategy.

4 comments:

Kaiser said...

Its very good to see as PR campaign done by MCB and Nokia but on the other side Nokia may read and study the Pakistan banking and payment market and offer with some other value with other bank via using Obopay after all its its nokia on another way around.

Frans Stander said...

With more Mobile Handset Manufacturers taking on such responsibilities and ventures, it will expedite the race towards global interoperability for mobile Payments.

BOP Technology said...

Its all about infrastructure development to build the market for mobile financial services. we have seen evolution of plastic along with ATMs, POS terminals but not the least merchants accepting these value transactions. Soon, we will see cards moving into virtual issuance, handsets replacing terminals and most interestingly ATM network being enhanced by human ATMs to bring in financial inclusion. Exciting times for all the activists for MM

NokiaMoneyDelhiNCR said...

Nokia Money is a free service that aims at reducing the problems and risks involved with carrying cash with one self. The customer need not carry any cash but he can carry as much money (up to Rs. 50,000/-) in his mobile phone as he desires. For further information on Nokia Money service, please get in touch with your nearest Nokia Retailer or contact Nokia Care at 1800 3000 1122. Mr. Ashish Soni (+91-7838597774). Contact at - Megha@Krafterscomm.com