Fino, an Indian mobile banking and technology provider, has acquired Nokia's mobile payment services in India, the India Times reported.

Terms of the deal were not announced.

Nokia announced in March it would be shuttering its prepaid mobile payment product in India. The move was a part of a restructuring of Nokia to concentrate on its core telecommunications and handset businesses.

"Acquiring India's prepaid mobile payment business from Nokia will take us beyond banking services to [the] payments domain and enable direct engagement with customers. Assets we gain through this deal give us a distinct advantage," Manish Khera, CEO of Fino, said in the India Times.

Nokia Mobile Payments services will operate as a standalone company called Alpha Payment Services India Pvt Ltd., the report said.

Fino currently provides its financial services to 50 million customers in 50,000 villages across India. Its investors include Intel Capital and Blackstone Group. 

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