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Mobile Commerce or M-Commerce has certainly heated up in the past few years. It has been called the E-Commerce of this decade. The way E-Commerce rose to prominence last year, M-Commerce is touted to overtake that. Huge players like Google have recognized the potential for E-Commerce with their NFC based Google Wallet. Nokia is a pioneer in the field of M-Commerce.
We recently learned that all Nokia smartphones releasing in the future will have NFC chips embedded in them. However, Nokia was provided for the hundreds of millions of mobile devices in the market already with their service, Nokia Money.
Powered by a company called Obopay, Nokia Money is compatible with all Nokia devices. From the coming Nokia 701 to the lowly Nokia 1208 Series 30 phone.
Today, we take you through the Nokia Money client for S60v3, and the various transactions you can do with it. In the future, the Nokia Money app will come preinstalled in all Nokia devices in India. However, to install the client on your current Nokia phone one simply has to visit a Nokia Priority Dealer in your locality. As of now, online installation of the app is not possible.
We are unsure of exactly what type of application it is, whether Java or Symbian, as the app has parts in Java and parts in Native Symbian. Either way, it was smooth and easy to use. On installation, you are provided with an introduction to Nokia Money. As we had already registered for a Nokia Money account, entering our number made the app recognize us. Otherwise it helps you find a Nokia Money agent.
You are then asked to set up an alphabetical password. You can use a Data Connection or SMS. It is impressive that both through SMS and Data, all functions can be done. Also, if one chooses the SMS option, one is charged the normal rate which they pay for SMSes. ie: it is not a premium number but a regular 10 digit number. The app automatically updates itself and tells you the last time you successfully logged in through it.
Nokia Money has 3 main functions:
1) Account:
Through this you can send money to another Nokia Money Account.When you send money, you are shown the status of your transaction. The money received can either be used from the phone, or accessed via the Yes Bank account your Nokia Money account is linked to. If you sign up for an ATM card, that can be used too.
2) Recharge Prepaid:
This is a feature we think people will find most useful. You can use your Nokia Money balance to refill any prepaid mobile number in India. Its as simple as entering the number and amount. You can also choose from your contacts and select a number. The app then verifies your Money PIN.
Over here too you can see a list of all transactions taken place with their status, whether Pending, Successful or Failed. You also get an SMS informing you of the transaction.
3) Pay Bills
Nokia Money lets you pay your bills directly from the phone. Here are some of the Bills you can pay:
Electricity, Gas, Insurance, ISP, Mobile Bills, Telephone Bills and even Charity. This is where Nokia has a major advantage over any other company in India. There are tieups with all sorts of companies, from Birla Sun Life Insurance, Bharti Airtel, Tata Teleservices to Women’s Institute for Social Education. You can browse Location and Category wise through the bills you want to pay.
Try this yourself
The app can be downloaded from Nokia’s Ovi Store here
Another interesting fact is that this service can be used on ANY brand of mobile phone via SMS commands. For more details visit MobileMoneyServices
So what do you think? Does Nokia Money have the potential to replace your Debit Card? Will it one dayreplace your Wallet?
[...] Towards the end of the proceedings all attendees were given Obopay mobile payment accounts to experience the application first hand. @aatifsumar has written his experience with the application here: [...]