According to the bank, the service will provide users access to financial services through their mobile phones.
The service allows users to store money safely, to send money and to make payments across locations, eliminating the need for intermediaries and allows them to do P2P transfers, as well as use it at accepting merchant points to pay for goods and services.
Using the service, users can also pay bills or top-up their prepaid SIM cards.
The Union Bank Money will also let users withdraw money from Union Bank of India ATMs using their Union Bank Money ATM card across the country as well as through BC cashout (Registered Nokia stores).
Union Bank of India chairman and managing director MV Nair said 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.
Union Bank Money will be rolled out and operated in cooperation with Obopay. Nokia plans to preinstall the application in Nokia mobile devices.
With an existing strength of over 2900 branches and around 2400 ATMs of Union Bank of India across India, the distribution of mobile payment services will be further aided by Nokia’s retail network of more than 200,000 outlets.
Additionally, Nokia’s network of retailers will act as business correspondents for the bank, in addition to the thousands of already appointed business correspondents by the bank.
