Nokia to shut down its exit mobile money service in India, users to get four months respite

With the aim of focusing on its core business competencies, Nokia has reportedly decided to shut down its mobile money service, say news reports.

The company plans to give its customers in India three to four months to use up the existing amount in their mobile money account.

Further, Nokia may offer to refund the registration fee paid by subscribers. It will also surrender its licence used to deliver the service to the Reserve Bank of India.

The handset maker had launched the service in 2010 in collaboration with YES Bank. Thereafter, it expanded its net and roped in Union Bank as another partner.