Nokia Bolting From Mobile Money Business

Word broke early Tuesday that Nokia, the world’s biggest mobile handset maker in terms of unit shipments, is shuttering its mobile financial services business. The closure will reportedly include a freshly launched Nokia Money service in India. The reason given for the exodus, which won’t be immediate, is a renewed commitment by Nokia to focus …   Read More

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Word broke early Tuesday that Nokia, the world’s biggest mobile handset maker in terms of unit shipments, is shuttering its mobile financial services business.

The closure will reportedly include a freshly launched Nokia Money service in India.

The reason given for the exodus, which won’t be immediate, is a renewed commitment by Nokia to focus on core-business aspects of its operation.

“It’s not going to happen overnight and consumers already using the service are not at risk,” a company spokesman tells Dow Jones Newswires.

Nokia had launched the side-business in 2009 in an attempt to bring secure electronic payments to users without a bank account, chiefly in emerging markets.

“Our services will continue to operate while we work with our banking, market and technology partners as well as our employees, agents and others to plan future options in accordance with all customer and regulatory requirements,” Nokia says.

Do you think the imperiled handset maker will benefit from its “evolving strategy” or this just another inauspicious sign of what’s to come at Nokia?

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