Union Bank of India begins mobile payment services

BANGALORE, INDIA: Union Bank of India (UBI) together with Nokia has announced the commercial launch of ‘Union Bank Money powered by Nokia’ across India, starting with the National Capital Region.

The service is already available to consumers in Gurgaon, and will be soon go live in Delhi, Faridabad and Noida. This will be followed by a nationwide roll-out over the next few months, a release said.

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The release said that the unique service specifically targets users, who do not have a bank account today, by providing access to financial services through their mobile phones and driving financial inclusion. For customers in the no-frill category, the turnover will have an annual ceiling and prepaid card will have balance ceiling as per RBI guidelines. Other customers, who complete KYC compliance at the Bank, can use the product without any restriction on turnover.

The service will enable consumers to transfer money to other individuals, withdraw cash from Business Correspondents cash-out outlets (registered Nokia stores) and ATMs, pay utility bills as well as recharge prepaid SIM cards (top-ups) by using their mobile devices, eliminating the need for intermediaries and delivering true convenience.

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M.V. Nair, Chairman & Managing Director, Union Bank of India, said, “We strongly believe Union Bank Money will augment financial inclusion amongst the unbanked and under-banked consumer segments by bringing financial services through the mobile device. Technology is a great enabler for banking services and our partnership with Nokia will help us offer ‘Anytime Anywhere’ financial services to consumers across the country. Once rolled out across the nation, Union Bank Money will be the single largest network in India to provide mobile financial services to consumers in urban as well as penetrate rural areas to tap the unbanked populace.”

According to Gary Singh, General Manager, Nokia Mobile Payment Services , “Conducive regulatory policies, mobile phone penetration and  government financial inclusion initiatives have come together to create the perfect moment for mobile financial services in India.  Union Bank Money leverages these building blocks to overcome traditional barriers of entry faced by first time users. The solution is accessible, easy to use, secure, and fully interoperable.  It makes mobile financial services a reality for all.”

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