Union bank of India along with Nokia has announced the commercial launch of “Union Bank Money powered by Nokia”.The service is already available to consumers in Gurgaon, and will be soon go live in Delhi, Faridabad and Noida. This will be followed by a nationwide roll-out over the next few months. The unique service specifically targets users, who do not have a bank account today, by providing access to financial services through their mobile phones and driving financial inclusion.
For customers in the no-frill category, the turnover will have an annual ceiling and prepaid card will have balance ceiling as per RBI guidelines. Other customers, who complete KYC compliance at the Bank, can use the product without any restriction on turnover.
The service will enable consumers to transfer money to other individuals, withdraw cash from Business Correspondents cash-out outlets (registered Nokia stores) and ATMs, pay utility bills as well as recharge prepaid SIM cards (top-ups) by using their mobile devices, eliminating the need for intermediaries and delivering true convenience.
Nokia will supplement the existing 3000 UBI branches across the country with its unparalleled network of retail outlets spread across the country. Nokia retail outlets will serve as Business Correspondent agents for Union Bank Money services, in compliance with RBI guidelines. Prospective customers can register for the service, deposit money, or withdraw cash from their accounts at these BC agents.
Link : Mobile Money Service