Nokia Money India
Nokia is going to close down Nokia Money and this is a sort of financial service which was being run by Nokia in India. Nokia had a tie-up with private sector lender YES Bank and state-run Union Bank of India for the mobile financial services business.
It is good that Nokia is trying to focus on its strengths as a lot of complaints were being received against Nokia Money, that it was not paying its distributors for rendering the services. It is good that company has closed down most of the mobile services launched under previous management as it is fighting the recession and battling hard to regain their lost share.
Moral of the Story
It is good to to expand but expanding in a non niche area may not yield dividend. However Nokia has lost early starter advantage as in times to come we are going to see all financial transactions through mobiles. Now this loss of Nokia is Bharti Airtel gain which is trying to gain footprint in this segment.