Nokia To Close Down Money Service

Phone-to-phone payments service, Nokia Money, will be drawing to a close as the Finnish manufacturer looks to move away from the mobile financial services sector.

Today saw the announcement of Nokia declaring that it would be looking to leave the mobile financial arena, and would therefore be closing down Nokia Money. Testing the waters in India, it was hoped to introduce the service across a global scale, but has instead decided to call off its plans for worldwide domination.

"We set up the Mobile Financial Services business at a time when our strategic vision included becoming an internet services provider across multiple platforms and device vendors," explained Nokia's head of communications, Mark Durrant. "We're now focusing on our services being differentiators for our devices and that would not work for Nokia Money as currently set up."

Just last year Nokia decided to move from self-developed mobile operating systems to Windows Phone - focusing solely on Microsoft's platform.

"Of course, we recognise the importance of mobile payments; however we have concluded that an independent Mobile Financial Services business would not be core to Nokia given our evolving strategy and the business environment," said Durrant.

Durrant has suggested that the company will continue working with non-financial services such as Nokia Life, previously known as Life Tools.

"These give great differentiation for our devices, including the Asha range, and do not require us to build a device-independent ecosystem across all banks and device vendors," he commented.

Source: ZDNet