14 DAY TRIAL // In line with its new global strategy to withdraw from all businesses that are not core to Nokia, the Finnish company announced it would shut down Nokia Money service in India.
Although the Nokia Money was introduced only two years ago, it appears that the mobile financial service did not meet Nokia’s expectations.
The money service was launched in partnership with YES Bank and offers bill payments and money transfers, among others.
The information comes via Indian site The Hindu, which reports that sources close to the matter claim that Nokia plans to close this money service in the following month.
Rumor has it that Nokia Money will continue to be functional for another 3-4 months in order for its subscribers to be able to withdraw their money.
Rumor has it that the Finnish company plans to officially inform Nokia Money subscribers about the closure starting March 15.
Furthermore, The Hindu reports that YES Bank and Union Bank subscribers won’t be affected by this change as both banks expressed their intentions to take over the business.
There are about 100 employees who exclusively work on Nokia Money service, but the Finnish company plans to relocate them to other divisions.
However, this has yet to be confirmed by Nokia in the following days. There’s more to it, as Nokia is also thinking to refund all registration fees paid by subscribers.
As soon as Nokia Money service seizes to exist, the handset maker plans to cancel its license, which was approved two years ago by Reserve Bank of India.
Nokia Money was mostly introduced in emerging markets, such as India, Pakistan, as well as a few African countries. Unfortunately, it appears that Nokia has decided to withdraw from the mobile money business just when the things have started to show great potential.