Mobile News India: Nokia Plans to Close Down Financial Service

Nokia plans to shut down its Nokia Money financial service in India as it continues to concentrate in phone business and location-based services. According to the spokesman of the company, the reason for its plan exit is to focus on its core.

Wireless industry experts think that financial services can bring boost in the industry but Nokia only managed to become successful on this business opportunity in Kenya and the Philippines because of regulations and business model issues in other areas.

Financial service has been crowded by different industries including banks, credit card companies, telecom operators and technology firms such as Nokia.

Executive of mobile consultancy Strand Consult, John Strand, said that the market is very crowded and Nokia’s role in that business was not established.

Nokia is still in revamping process with its new chief executive Stephen Elo, who started to take his task in September 2010 as the company strives to get back at tip top shape.

The company has shut down majority of its mobile services under previous management and has also cutting number of employees as it tries to fight its decreasing market share.

e Mobile News .net (c) 2012

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