Plagued by constantly falling sales world over, Nokia has now decided to concentrate on its core business of making phones and improving its profitable location based services. The exit from its mobile financial services division was part of Nokia's global strategy to get rid of its non-core functions.
The Pan India service of Nokia's mobile money started last year after it was successfully launched in select few states. The company had partnered with Yes Bank and Union Bank to offer payment services.
On a much wider scale, mobile money hasn't really taken off anywhere in the world, barring Kenya and Philippines. The business already has too many players vying for their share of the pie. There are telecom operators like Airtel, banks and credit card companies looking to milk this sector.
Nokia is working to regain its hold over its mobile phone business which it had lost to iOS and Android devices. The company, under a new management, is closing down several of its services and is working hard to bring an end to its falling market share.