Nokia to close down mobile money servicesMarch 12, 2012 - 13:12 AMT PanARMENIAN.Net - Nokia will close down Nokia Money, a financial service it runs in India, as it continues to narrow its focus on its phone business and location-based services. "The mobile financial services business is not core to Nokia so we plan to exit the business," said a spokesman for the company. After regional launches Nokia opened the India-wide service only late last year and was planning to expand it into several other emerging markets. Financial services are seen as one of the major business opportunities in the wireless industry but so far have become a big business only in Kenya and the Philippines, as tight regulations and the lack of abusiness model have restricted take-up elsewhere. 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, Reuters reported. Nokia is in the midst of revamping its operations under Chief Executive Stephen Elop, who was hired in September 2010 to turn the company round. The company has closed down most of the mobile services launched under previous management and has also cut thousands of jobs as it continues to battle falls in its market share. Top stories Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT). Rustam Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues. Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls. Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020." Partner news Most popular in the section | Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. Azerbaijan must respect human rights, Scholz tells Aliyev German Chancellor Olaf Scholz has called for greater respect for human rights in Azerbaijan. Armenia: Defense Ministry warns against involving army in political processes The Ministry’s statement came after a video surfaced online, showing soldiers joining the protests in Tavush. Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. |