Nokia on Wednesday launched the pan-India launch of Nokia Money, mobile financial service in India that will provide a secure and convenient alternate to cash to its users on mobile phones.

Nokia Money is independent of any mobile operator or individual banking network, thus extending global reach and use of mobile financial services. It operates across all handsets in India.

“There is a need for alternate financial payment instruments in India and the mobile handset offers a perfect mass platform to deliver these. Transaction costs on mobile devices are significantly lower. Nokia brings multiple offerings and is developing an open ecosystem to deliver mobile money services to users depending on their need,” said Gary Singh, General Manager, Nokia Mobile Payment Services.

With this offering, Nokia becomes the only company in India to offer a comprehensive portfolio of mobile money services to users. It compliments Nokia’s existing Money offerings available to consumers in India as it is a non-KYC offering.