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 | Viva-MTS: Tech solutions to modernize infrastructure of border village The border village has been the focus of Viva-MTS and the Foundation for the Preservation of Wildlife and Cultural Values since 2015. “By Your Side”: IDBank's new support program for displaced Artsakh citizens IDBank is launching a long-term social support program for forcibly displaced Artsakh residents. The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization. Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. |