Global handset maker Nokia on Monday said it had started embedding the Mobile Money client service in all its devices in India.
The Mobile Money service provides access to financial services to the unbanked and under-banked population through mobile phones, 'empowering people and their businesses'.
The service eliminates the need for intermediaries. In its functions, the service is integrated with the phone and other phone services.
For example, the selection of the recipient in a send-money transaction is directly integrated with the phone book.
Sending money thus becomes as simple as sending a message or making a phone call. To make the service simpler, the user-interface is decoupled and separated from data transport.
Therefore, the user would not need to know which transport (SMS, GPRS or wifi) is in use during the transaction.
The Mobile Money service allows users to avail of multiple financial services functions such as account management, with detailed balance information, tracking and details of each transaction, payment of bills, money transfer, cash withdrawal from business correspondents cash-out outlets (registered Nokia stores) and automated teller machines and prepaid SIM top-ups.
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