Union Bank of India, a nationalized bank in India, jointly with Nokia and Obopay has announced their partnership to launch mobile payment services called Union Bank Money available to consumers across India.
The Union Bank Money service will provide those who do not have a bank account, access to financial services through their mobile phones, thus empowering people and their businesses. It creates a financial ecosystem which is inclusive, sustainable and scalable. Based on a proven mobile payment technology platform, Union Bank Money will be rolled out and operated in cooperation with Obopay, a global pioneer in mobile payment solutions.
The Union Bank Money service allows users to store money safely, to send money and to make payments across locations, eliminating the need for intermediaries. Users can pay bills or just top-up their own or their families’ prepaid SIM cards. They will also be able to do P2P transfers, as well as use it at accepting merchant points to pay for goods and services. Union Bank Money will let users withdraw money from Union Bank of India ATMs using their Union Bank Money A card across the country as well as through BC cashout (Registered Nokia stores). Making the service ubiquitous, highly accessible, Nokia plans to preinstall the application in Nokia mobile devices.
Additionally, Nokia’s vast network of retailers will act as business correspondents for the bank, in addition to the thousands of already appointed business correspondents by the bank. This partnership strengthens Union Bank of India’s aim to enable financial inclusion for both the rural and urban populace through an open and cohesive ecosystem model which is agnostic of devices, networks and banks.
M.V. Nair, Chairman and Managing Director, Union Bank of India, said, “We at Union Bank of India have always believed that technology is a great enabler for banking services and this partnership is our step in the same direction. We are one of the pioneers and leaders in the banking industry to commit to the cause of financial inclusion for all; by launch of Union Bank Money service using the widespread mobile network is once again a formidable step taken by us towards greater financial inclusion. Once the roll-out is complete in 12-18 months, ‘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 populous”.