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Fino acquires Nokia’s mobile payment services business

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Financial inclusion facilitating firm Fino said it has bought Nokia’s mobile payment services business in the country for an undisclosed amount. This will help the company enter the prepaid mobile payments segment.

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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 Nokia Mobile Payment Services, in an all cash deal.
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.

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