While Google Inc. makes news with the introduction of its new Google Wallet product in the United States, Finnish handset maker Nokia Corp. is looking to bring an e-wallet to the growing Indian market.

According to an article in The Economic Times of India, Nokia, the world's largest handset manufacturer is looking to have a "pan India coverage for (its) Nokia Money this year." The article quotes Nokia Mobile Financial Services Director Gerhard Romen saying the company's Nokia Money product, which is already available in certain major metropolitan areas of India, will soon be expanding into cities such as Surat, Baroda and Kanpur.

Going after the Indian market could prove a smart strategy for Nokia. According to a recent study by The Associated Chambers of Commerce and Industry of India (ASSOCHAM), India has been among the fastest growing mobile markets in the world. ASSOCHAM said the Indian mobile market has more than 720 million subscribers, and by 2015 mobile phone penetration will reach 100 percent.

"While the ubiquitous mobile is surely the most promising channel, the need of the hour is to develop an innovative mobile payment system which is customized to the Indian ecosystem requirements and has a mass appeal," said ASSOCHAM Secretary General D.S. Rawat in an announcement of the study.

"Companies identifying this opportunity and leveraging available technologies and regulations to carve out mobile retail payment solutions that are suitable to Indian marketplace are set to emerge (as) leaders in this space, leaving others behind," Rawat said.

UPDATE: The original version of this post identified Nokia Corp. as a Swedish company. Apologies for that mistake and thanks to a reader for the catch.