Mobile Banking: Nokia Partners with Union Bank of India

Nokia Partners with Union Bank of India

Nokia has partnered with Union Bank of India to launch a mobile-to-mobile cash transfer service called Union Bank Money, which would allow any mobile users on any network to shop, pay utility bills, top-up prepaid cards using only a mobile phone (plans to add disbursement of micro-loans, ticketing facilities and other government services in the near future).

The service is currently available only in Delhi, Faridabad and Noida and will rolled out to other cities by year end. Nokia will pre-install the app on all of its mobile phones and while the service is free for first six months, other details on pricing aren’t yet announced.

Earlier Nokia Launched Mobile Money Service in Chandigarh and Airtel announced Airtel Money, India’s First Mobile Wallet Service.

Federal Bank Partnership with National Payment Corporation of India

Federal Bank in association with National Payment Corporation of India has launched the Interbank Mobile Payment Service (IMPS), a real-time fund transfer facility through mobile phone. Currently majority of interbank mobile fund transfer transactions take place through the National Electronic Fund Transfer (NEFT) system where the transactions are processed and settled in batches not in real time but during the working hours from 9am to 7pm.

IMPS scheme service is offered without any restriction on timings where a customer can transfer funds from his/her bank account instantaneously to any other bank account that comes under the same framework using his/her mobile phone. The customer has to register for mobile banking with the bank where upon registering a seven-digit number MMID (Mobile Money Identifier) is generated and issued by the bank. Customer also has an option to register for receiving funds only.

The combination of mobile number and MMID will be unique. The remitter should enter the beneficiary’s mobile number and MMID along with the amount to be transferred. Both the remitter and beneficiary will receive SMS confirmation of the transaction. These transactions can be initiated by downloading the mobile banking application of Federal Bank in his mobile or by sending an SMS in a predefined format. [more]

» Detailed coverage of Mobile Banking in India.