The handset maker is looking to gradually halt its Nokia Money financial services, a two-year-old mobile-to-mobile payments effort that was set for a worldwide rollout but only really got established in India
Nokia has revealed plans to gradually wind down Nokia Money, its phone-to-phone payment service that aimed to reach around the globe but took root only in India.
The mobile financial service launched in August 2009 with the promise of enabling people to use their handset to pay bills, buy goods and services, and transfer cash to another person. Nokia hoped to attract both rural and urban customers in countries worldwide, with a staggered rollout beginning in early 2010.
Nokia is to halt its Nokia Money financial services. Other companies have branched out into mobile-payments systems, such as Barclays with its Pingit app (above)Image credit: Barclays
On Monday, the Finnish handset specialist said it is looking at options for a structured exit from its mobile financial services business, including Nokia Money.
"We set up the Mobile Financial Services business at a time when our
strategic vision included becoming an internet services provider across
multiple platforms and device vendors," Nokia's head of communications Mark Durrant told ZDNet UK. "We're now
focusing on our services being differentiators for our devices and that
would not work for Nokia Money as currently set up."
We recognise the importance of mobile payments; however we have concluded that an independent Mobile Financial Services business would not be core to Nokia given our evolving strategy.– Mark Durrant
Last year, Nokia began a shift in strategy from relying on self-developed mobile OSes to Windows Phone. It is now focusing its efforts on Microsoft's platform, which means it is no longer looking to provide a service that cuts across a range of devices.
"Of course, we recognise the importance of mobile payments; however we
have concluded that an independent Mobile Financial Services business
would not be core to Nokia given our evolving strategy and the business
environment," Durrant said.
While the company initially aimed for a worldwide release, Nokia Money services is available to users
only in India. The company stressed that there will not be a sudden end to provision there.
"Our services will continue to operate whilst we work with our
banking, market and technology partners as well as our employees, agents
and others to plan future options in accordance with all customer and
regulatory requirements," it said in a statement.