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.
"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.
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