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Nokia shutters Money service, focuses on phones

updated 02:30 pm EDT, Mon March 12, 2012

Nokia closes India-only Money service

Nokia said on Monday it will close its Nokia Money service in India in order to focus on its phone business. A spokesperson briefed Reuters that it was jettisoning the mobile financial services business as it wasn't a core Nokia business. The service was launched throughout all of India late in 2011 after earlier, regional launches.

The plan was to eventually expand it to other emerging markets, though these plans will likely never materialize. The scheme was also likely not very successful in India, as there is a lot of competition and close government regulation. Mobile services have so far taken off only in Kenya and the Philippines.

Nokia has other service for emerging markets in its entry-level phones, however, such as the Asha range's Nokia Life Tools. The service was most recently referenced at Mobile World Congress and focuses on education, entertainment, and health.

by MacNN Staff



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