Nokia to wind up Mobile Money business

Axed

The world’s largest mobile phone handset manufacturer is closing down Nokia Money, its India based mobile financial services business. Nokia Money was launched in India towards the end of 2011 and was planned to expand into other emerging markets over time. The service is offered through Nokia’s own platform as well as through partnerships with Yes Bank and Union Bank – over 1.2 million people are subscribed to the service.

The decision to axe the project comes as a result of a strategy implemented by Chief Executive Stephen Elop, who took the hot seat from Microsoft in September 2010, to focus more on Nokia’s core business areas such as its phone business and location based services. Nokia has struggled to compete since the arrival of smartphones and has lost considerable market share over the last few years.

The service is being wound down gradually over the next few months so subscribers can use up the money they have already loaded. Subscribers will also be refunded their registration fee.

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