Sign Of A Failing Brand? – Nokia Shuts Down Mobile Commerce Division Nokia Money

 

Nokia, the company which was once synonymous to mobility and innovation is on the verge of being a bankrupt company. The company launched its mobile commerce gig last December in India dubbed Nokia Money to help the 2nd largest populated country in the world to help transactions from the palm of their hand and now the company is shutting it down.

"The mobile financial services business is not core to Nokia so we plan to exit the business," said a spokesman for the company.

In a strategic partnership with YES Bank and state-run Union Bank of India for the mobile financial services business, NOKIA money would have taken Nokia to the next level of PayPal for mobile.

"They are exploring options with us for a structured exit from the business and the services will continue to operate while planning continues," a YES spokesman told Reuters.

Telecom operators, banks, credit card companies and technology firms like Nokia have been fighting to get a piece of the potentially lucrative business.

"The market is crowded and the role of Nokia in that business was questionable," said John Strand, head of mobile consultancy Strand Consult.

Is Nokia  becoming an ailing brand? Leave us your comments…


Samir Saleem

An innovative and dynamic marketing expert having worked for both local and multinational organisations,having expertise in leading diverse assignments on devising digital/social media marketing strategies, promotions, public relations and business development. As an experienced social media strategist and business analyst, he manages several brands via his 2nd Startup Hybrid Signals (www.hybridsignals.com) Samir is an award winning technology and social media blogger and can be reached at samzbest@gmail.com

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