Fino buys Nokia Mobile Payment Services in India
Financial inclusion facilitating firm Fino has acquired Finnish handset maker Nokia''s mobile payment services business in India for an undisclosed sum.
Fino, which is primarily into offering business correspondence services to banks as they carry forward the government and Reserve Bank mandated financial inclusion agenda, has bought Alpha Payment Services, earlier called as Nokia Mobile Payment Services, in an all cash deal, Fino CEO Manish Khera said.
The brand name has been changed to Takatak Money. Almost 65% of all retail transactions in India are conducted in cash.
"This is a strategic investment for Fino. It will add value to our comprehensive range of financial serivces products, there by enhancing shareholders valu," said Rishi Gupta, CFO, fino.
The acquisition will give an opportunity for Fino, which has a network of business correspondents spread across the country, to enter the mobile payment business which is said to be a $350 billion opportunity by 2015, he said.
"We were limited only to the banking and financial services space till now wherein we helped operate bank accounts, sold insurance and facilitated remittances, this deal gives us an entry into the expenditure side," he said.
Fino was looking at organically expanding into the area and was about to launch on its own in six months, he said.
Financial inclusion facilitating firm Fino has acquired Finnish handset maker Nokia''s mobile payment services business in India for an undisclosed sum.
Fino, which is primarily into offering business correspondence services to banks as they carry forward the government and Reserve Bank mandated financial inclusion agenda, has bought Alpha Payment Services, earlier called as Nokia Mobile Payment Services, in an all cash deal, Fino CEO Manish Khera said.
The brand name has been changed to Takatak Money. Almost 65% of all retail transactions in India are conducted in cash.
"This is a strategic investment for Fino. It will add value to our comprehensive range of financial serivces products, there by enhancing shareholders valu," said Rishi Gupta, CFO, fino.
The acquisition will give an opportunity for Fino, which has a network of business correspondents spread across the country, to enter the mobile payment business which is said to be a $350 billion opportunity by 2015, he said.
"We were limited only to the banking and financial services space till now wherein we helped operate bank accounts, sold insurance and facilitated remittances, this deal gives us an entry into the expenditure side," he said.
Fino was looking at organically expanding into the area and was about to launch on its own in six months, he said.
