Nokia was quoted by The Register as saying, "We are exploring options for a structured exit from the Mobile Financial Services business."
According to the firm, it has a customer base of more than 100,000 users and before shutting down its operation, it will extend its full cooperation to finish their accounts, close or transfer to other players that offer similar facilities.
The Nokia Money platform allowed consumers with or without bank accounts to pay bills and retailers, send money through their mobile phones.
Nokia said that it has no plans to exit from Obopay, a firm which caters mobile money services behalf of the mobile maker, but will withdraw from directly offering mobile wallet service to consumers.
In 2010, Nokia incorporated Obopay’s technology to launch mobile money service and had invested around $70m in the company.
Nokia will provide complete support to all customers till they exhaust their balance on the mobile wallet and will not levy any transaction charges.
