Union Bank Of India and Nokia unveils mobile payment services

Collaboration to focus on Indians with no bank accounts, providing them access to financial services through their mobile phones.

Union Bank of India (UBI), the retail bank, together with Nokia, have announced the commercial launch of ‘Union Bank Money powered by Nokia’ across India, starting with the National Capital Region. This will be followed by a nationwide roll-out over the next few months. The service specifically targets users, who do not have a bank account, by providing access to financial services through their mobile phones and driving financial inclusion. For customers in the no-frill category, the turnover will have an annual ceiling and prepaid card will have balance ceiling as per RBI guidelines. Other customers, who complete KYC compliance at the Bank, can use the product without any restriction on turnover.

The service will enable consumers to transfer money to other individuals, withdraw cash from Business Correspondents cash-out outlets (registered Nokia stores) and ATMs, pay utility bills as well as recharge prepaid SIM cards (top-ups) by using their mobile devices.

Nokia retail outlets will serve as Business Correspondent agents for Union Bank Money services, in compliance with RBI guidelines. Prospective customers can register for the service, deposit money, or withdraw cash from their accounts at these BC agents.

View the full story in BizTech2.com India.