Indian English-language paper The Hindu is reporting Finnish mobile phone manufacturer Nokia has confirmed its plans to include its "Mobile Money" application in all of its handsets for the Indian market. A story on Nokia expanding the service nationwide had been reported in the Indian Economic Times earlier this month. Mobile Money is intended to provide basic financial services to India's large number of unbanked consumers.

"As part of Nokia's vision of enabling a broad community with financial services, the application would be available not only on high-end Nokia smartphones, but also on feature phones and entry-level devices," Nokia General Manager of Mobile Payment Services Gary Singh said in the article.

The article said Mobile Money allows users to pay bills, transfer money and even withdraw cash from ATMs.

As far as how long a nationwide rollout will take, Singh is quoted as saying, "We would like to see the services rolled out pan-India over the next 12-18 months."

According to ASSOCHAM, the Associated Chambers of Commerce and Industry of India, the Indian mobile market has more than 720 million subscribers and will reach 100 percent penetration by 2015.