MR.Tero Ojenpera remembers the day when he went to purchase things at the departmental store and tried to pay the bill using his mobile phone but the shop did not accept those kinds of transactions. Finland, is the place where the executive vice president of Nokia lives and he has come a long away from those times. Today you can board a train without any amount in the packet and wire yourself a ticket using your mobile. Good news for Indian customers is that this facility will arrive shortly as the pilot project in pune is going extremely well.

Nokia expects this kind of mobile money transfer will root and grow. At the strategy sharing session in India, Nokia describes its mobile money service will roll out in India with enormous money potential. The reserve bank of India has permitted the YES bank to provide the facility of mobile money services in association with Nokia.

The pilot in Pune will end in a couple of months and its result will be mobile transfer service for which RBI will regulate the service in India.

How it works?

Users can go to any Nokia retail shops across the country and fill a form which will provide an account in the YES bank. More importantly Nokia promises that it will not take more than 15 minutes to open an account. Then users can deposit any amount of money on the Nokia retail shop which in turn will increase the credit on the mobile used while registering. By using this facility users can buy things in shops, can pay electricity bill and water bill as well.

Finally users can also transfer funds to the other person. Right now only YES bank is tied in this deal but Nokia is planning to initiate the discussions with other banks with the permission from RBI.