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Reuters is reporting that Finnish handset maker Nokia is shuttering Nokia Money, the financial service it launched in India in late 2010. The product, aimed at India's large unbanked population, was launched in several Indian markets in late 2010 and rolled out India-wide last year.
According to Reuters, Nokia is getting out of the money business in favor of focusing on its core telecom business.
"The mobile financial services business is not core to Nokia so we plan to exit the business," said a spokesman for the company.
Nokia partnered in the Nokia Money project with YES Bank and Union Bank of India. A spokesman for YES Bank confirmed the shutdown of Nokia Money and said services will continue while Nokia explores options for a "structured exit from the business."
For more stories like this, visit the Mobile Banking research center.
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