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Mobilizing money Experiences from the ground

Mobilizing money Experiences from the ground. Peter Ollikainen Director, Product Marketing Mobile Financial Services, Nokia. Mobile Financial Services Global Market Opportunity. 1.6 billion bank accounts 1 billion bank cards. 4 billon mobile phones. 2-3 billion under-served.

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Mobilizing money Experiences from the ground

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  1. Mobilizing moneyExperiences from the ground Peter Ollikainen Director, Product Marketing Mobile Financial Services, Nokia

  2. Mobile Financial Services Global Market Opportunity 1.6 billionbank accounts 1 billion bank cards 4 billon mobile phones 2-3 billion under-served 6.6 billon people Gap Narrowing Gap Widening

  3. Consumers value transfers and remote payments on their mobiles • Usage drivers • Leap in convenience • Freedom/ safety • New progressive way • Never short of money Pain points • Bills are a ‘Burden’ • working hours/queues; no travel • Last date syndrome • Transfers • urgency / speed • No travel / personal presence needed • Shopping • fear of losing money • control over spend/ support impulse • Seen as substitute/complement to cards and cash • Usage concerns • Security • Fees

  4. What is Nokia Money? Topup Pay bills Send money Pay merchants Dispursent/repayment of funds Simple and intuitive mobile money service; operating in prefunded account model Adressing the pain points consumers have in cash-driven economies Always in partnership with bank(s), ensuring regulatory compliancy On any telecom network, any handset

  5. Where we are nowFirst steps in the marketplace Commercial pilot started in Jan 2010 In partnership with Yes Bank Topup, bill payments and money sending core features Consumers say so far Net promoter scoring very good Hassle-free onboarding Simplicity and gives control Latest trend in services Saves time and effort, convenient

  6. Nokia Banking & financial services partners Operators Consumers Other device manufacturers Merchants Technology Emerging business modelOpen Ecosystem Collaboration is critical to drive network effect Open, trusted, scalable and interoperable

  7. Leveraging Telecom Distribution Infrastructure Telecom distribution network provides massive consumer reach in the emerging markets Example India: Retailers for mobile devices: 170000 600 Customer Care centers Large retail bank may have up to 20000 branches • Telecom retailer come MFS Service Point • Registration and setup • Cash-in • Cash-Out Requires specific training, certification and management Controlled under banking regulations

  8. Challenges and Opportunities for mobile financial service How to buildcritical massand network effect Viral impact on consumer adoption Servicing channel depth Connecting banked and underbanked consumers and merchants Interconnection to existing infrastructures Tools for the trade

  9. Conclusions Nokia is leading the development of a new ecosystem for mobile payments In partnershipwith banks; in complianceof financial regulations Focusing on pain points on usage of cash On all handsets, all telecom networks Leveraging telecom distribution depth for consumer acquiring and servicing Providing consumers simplicity and superior experience Delivered in partnership with Obopay

  10. www.nokia.com/money Thank You !

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