Nokia to shut down mobile financial services operations

Nokia is "exploring options for a structured exit from the mobile financial services business" including its own brand Nokia Money service, the company said in a statement. As part of the withdrawal, Nokia is to close its flagship mobile money service in India as the handset manufacturer focuses on its core business. The company has announced plans to shelve Nokia Money only three months after launching it across India. Previously the service was launched regionally in various parts of the country. Nokia Money is a basic service that enables users to make payments for items such as utility bills, prepaid top-ups, insurance premiums and tickets. The company was even planning to expand Nokia Money to other emerging markets. Instead it has chosen to exit the mobile money business to concentrate on the revamp of its core handset business.

In addition to Nokia Money, the company also offers two more sophisticated mobile money services in India in partnership with local banks Yes Bank and Union Bank. According to The Hindu Business Line, the two services may continue as the banking partners might take over their running.