Nokia Money service to shut down globally, subscribers to get complete refund

Nokia Money service which was launched last year in India will soon be shut down globally as the Finnish vendor now wants to focus more on non-core areas which are mobile and location based services. Nokia has recently announced the of closure its Ovi Share service and has reportedly given the same explanation. The service was sort of like having a digital wallet wherein mobile users can get their bills paid, do top-ups or even book tickets and was started after running a few initial pilot projects in Pune, Chandigarh and Nashik in 2010 through a partnership with YES Bank and Union bank.
Apart from India, Nokia had launched the service based on Obopay’s mobile payment platform in a couple of other countries including Pakistan. In India, the service had registered 2 lakh subscribers and worldwide, the service was used by nearly 1. million users. Users who have used this service need not cry foul as the vendor has promised to refund the registration fee.
We have reached out to Nokia for an official statement and will update this post as soon as we hear from them.
Update: A Nokia Spokesperson has given us an official statement that the closure of this service is imminent and here’s what they have to say – “As a result of Nokia’s evolving strategy and the business environment, we are exploring options for a structured exit from the Mobile Financial Services business at Nokia, including our own-branded Nokia Money services. Our services will continue to operate whilst we work with our banking, market and technology partners as well as our employees, agents and others to plan future options in accordance with all customer and regulatory requirements.”

Posted in: Apps,Nokia