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FINO Acquired Pre-Paid Mobile Payment of Nokia

Current Affiar 2012. FINO Acquired Pre-Paid Mobile Payment of Nokia to maintain customer-centric pre-paid business on 27June 2012

Jun 29, 2012 17:33 IST
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FINO acquired the pre-paid mobile payment mobile payment business of Nokia Payment Services on 27 June 2012 to maintain customer-centric pre-paid business. The services will function as bank and telecom to cater urban and rural customers. FINO is the largest Business Correspondent (BC) and technology solutions provider in India. It has 31 thousand transition points.

FINO had offer many services like money transfer, utility bill payment, mobile and DTH recharges, shopping bills and others which are under Takatak Money brand through mobile announced by Shewta Aprameva, new entity Alpha Payment Services India Pvt Ltd (Alpha) head.

Currently, around 65 percent of retails transactions are done in cash in India. According to one estimate, more than 65% of all retail transactions in the country are conducted in cash. This presents a huge opportunity for digital payment systems, currently estimated at 920 million subscribers in India. The rural market contributes to a considerable 35% of the total mobile subscribers in India.

The acquisition will give an opportunity for Fino, which has a network of banking correspondents spread across the country, to enter the mobile payments business, which is said to be a $350 billion opportunity by 2015

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