Nokia to shut mobile money service in India

Nokia has decided to draw curtains over its Nokia Money service in India, launched late last year, as it wants to focus on its phone business in the country.

The decision comes as a part of its revamp plan undertaken after Stephen Elop joined as the Chief Executive in September 2010. Nokia Money is the latest of mobile services launched under previous management to have been closed down.

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

Financial services like Nokia Money, though touted as good opportunities, have been successful only in Kenya and Phillipines.

- with inputs from agencies