We have all forgotten about the long lines at the bank teller counters haven’t we, carrying flashy gold, silver and platinum cards, swishing between ATMs and retail outlets? What if we tell you it’s time you used that card to buy a pair of scissors and snap that card into two! Because soon you could do every monetary transaction you need by simply using your Mobile phone. Call it a revolutionary step or just another modern day trick out of the bag of innovation, but Nokia just announced Mobile Money, hand in hand with Union Bank of India.

Jumping right to the point - One can now pay---- by simply using his mobile phone and no it’s no longer a myth. The service is aimed at providing the unbanked and under-banked masses, access to financial services through their mobile phones, aimed at changing the way the country pays. Forget that extra loose change while you shop for groceries at the local retailer.

What we see here is a desire to reach out and help make users life, hassle free. Not just a category of users, but every user in Nokia’s demographic. As part of Nokia’s vision of enabling a broad community with financial services, the application would be available not only on high-end Nokia smartphones, but also on feature phones and entry level devices.

Use it for bill payment, money transfer, prepaid SIM top-up, account management, cash withdrawal from Business Correspondents, cash-out outlets (registered Nokia stores) and ATMs, With even the lower level devices carrying the application, an entire segment of our population would not only have access to a broader range of products but also increase payment and transactional efficiency. An application which not only allows a mother to buy groceries but allows the father to pay bills and at the same time allows the young college going son to treat his friends at the local cafe, once used, Mobile money would become the solution for every family’s daily account log book. "All I need to do is text my dad when I’m low on money, and I go have a burger 10 minutes after" says a 22 year old Ravish from Varansi talking about how simple the transactions are. Not only does it leave people amazed, but it awakens people to the reality which is mobile money. With mobile money, Nokia almost ensures that you’ll never run out of money. Be it at a time of crisis or even a simple date with your girlfriend.

One of Nokia’s latest handsets,Nokia X1-01 (a dual-SIM phone) has the application embedded. The Nokia Mobile Money financial services initiative is already being implemented in India through partnerships with Union Bank of India (UBI), Yes Bank, Obopay and a wide range of merchants, retailers and business correspondents. Does that mean, it negates the value and necessity of bank tellers and accountants? Definitely not!It is nothing else but a boon to the millions of tellers around the world who can now focus on various other transactional jobs instead of having to hand out cash to its users. Not only does it make banking more efficient it allows the users to avoid long lines outside banks and ATMs.

Gary Singh, GM, Nokia Mobile Payment Services, said, "At Nokia, it has been our constant endeavor to democratize experiences, products and platforms for consumers. Mobile Money services eliminate dependence on the physical presence of a branch or availability of internet banking services.The company claimed that the service eliminates the need for intermediaries, delivering true convenience. The Money App is deeply integrated in its functionality with the phone and other phone services. For example, the selection of recipient in a send money transaction is directly integrated with the phone book; sending money thus becomes as simple as sending an SMS or making a phone call. To make the service simpler, the user-interface is de-coupled and separated from data transport. And not just that, the comfort of accessing your account information from any place on the face of the planet is nothing short of a myth become reality. The service allows users to avail multiple financial services functions such as account management with detailed balance information, tracking of each transaction, details of each transaction done. Doesn’t this serve as the simple banking service for all purpose?

Looking at its market, OxyCash, Beam money, Itz and Bharti Airtel’s ’airtel money" are a few competitors who allows its subscribers to pay for groceries and bills. The advent of mobile money opens up broad avenues of hassle free trade possibilities too. Amongst all the hiatus no one can ignore the fact that the world is revolutionizing, and Nokia mobile money is another stepping stone towards that global village. On the offset, though this concept of transaction may take some time to get accustomed to, but the definite success of the same (when it comes to trade) is inevitable. The dream of carrying millions in your pocket is now an acceptable reality, literally! Connecting the world through innovation in technology, Nokia Mobile Money.