According to the source, Nokia launched the mobile money service in 2010 through a partnership with Indian financial services provider YES Bank. Subsequently, the company partnered financial institution Union Bank to provide services such as bill payments and money transfers. In total, there are about 1.2 million subscribers using the Nokia service across all three platforms.
Nokia is set to continue the service for 3-4 months to give enough time for subscribers to use up the money, the same source explains.
The company is allegedly set to refund the registration fee collected from the subscribers and approach the Reserve Bank of India to surrender the licence it took for launching the service.
In November 2011, Nokia and online payment services provider PayMate entered a partnership to jointly develop a mobile payments product which allows users in India to pay bills by touching their NFC-powered handsets on a POS.
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