Nokia+Money+Project+ +nikita

A TRAINING REPORT ON
A COMPARITIVE STUDY OF NOKIA MONEY WITH AIRTEL MONEY
SUBMITTED TO: MAHARISHI DAYANAND UNIVERSITY, ROHTAK in the partial fulfillment of the requirements for the award of the degree of MASTER OF BUSINESS ADMINISTRATION (INDUSTRY INTEGRATED) (III Semester) Submitted by NIKITA KANAUJIA Regn. No.-1073901750 GURUGRAM BUSINESS SCHOOL ELC CODE: 151012055 Plot no 74, Unnati Park Besa, Nagpur, Maharashtra
Gurugram Business School, Nagpur Page 1
DECLARATION
I, hereby declare that the Training Report conducted at MOBILE MONEY SERVICES, NAGPUR
Under the guidance of Mr. Ajay Patole Submitted in Partial fulfillment of the requirements for the Degree of MASTER OF BUSINESS ADMINISTRATION (Industry Integrated) TO MAHARISHI DAYANAND UNIVERSITY, ROHTAK Is my original work and the same has not been submitted for the award of any other Degree/diploma/fellowship or other similar titles or prizes.
Date: Place:
Nikita Kanaujia Regn. No.:1073901750
Gurugram Business School, Nagpur
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CERTIFICATE
This is to certify that Ms. Nikita Kanaujia, a student of the Maharishi Dayanand University Rohtak, has prepared her Project Report entitled on Mobile Money Services under my guidance. She has fulfilled all requirements leading to award of the degree of MBA (Industry Integrated). This report is the record of bonafide training undertaken by her and no part of it has been submitted to any other University or Educational Institution for award of any other degree/diploma/fellowship or similar titles or prizes.
I wish her all success in life.
(Signature) Mr. Ajay Patole <Faculty & Co0ordinator> <B.E., MBA>
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CERTIFICATE
This is to certify that Mr. Nikita Kanaujia who is pursuing MBA (Industry Integrated) course of Maharishi Dayanand University, Rohtak at Gurugram Business School has undergone management training at our organization. Her performance during the training period was found to be good. We wish her success for her future endeavors.
Mr. Nikhil Tajnekar
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ACKNOWLEDEMENT
Sometimes words fall short to show gratitude, the same happened with me during this project. The immense help and support received from K.V.CORPORATION overwhelmed me during the project. My sincere gratitude to Mr. Nikhil Tajnekar Team Manager for providing me with an opportunity to work with Nokia Money. I am highly indebted to her for provided me with the necessary information and his valuable suggestion and comments on bringing out this report in the best possible way. I am grateful to Mr. Kumar Vaibhav (Managing Director, K.V.Corporation) and all of the members of mass consultancy, who have helped me in the successful completion of this project, special mention of Mr Piyush Kapahi, Mr. Aakash Sahu, Mr.Prashant Tiwari, Mr.Sanjaybhai Patel and Mr.Hirenbhai Patel. I also thankful to my peers, Palkesh Prajapati, Dimes Panchal , Dipak Prajapati and Priyanka who help me to complete this project on time. I also thank Prof. Ajay Patole, faculty guide, GGBS, Nagpur who has sincerely supported me with the valuable insights into the completion of this project. Last but not the least; my heartfelt love for my friends, whose constant support and blessings helped me throughout this project.
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INDEX
SR.NO 1 2 3 4 5 PARTICULARS Cover Page Declaration Certificate of the College Certificate of the Organization Acknowledgement PAGE NO 1 2 3 4 5
PROJECT CONTENTS 1 INTRODUCTION 8-22
1.1 1.2
General Introduction about the sector Industry Profile a. Origin and development of the industry b. Growth and present status of the industry C. Future of the Industry
8 11 13 17
20
Profile of Nokia Money
23-49
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2.1 2.2 2.3 2.4 2.5 2.6 2.7
Origin of the Nokia Money Growth and development of Nokia Money Present status of Nokia Money Functional Departments of Nokia Money Structure of Nokia Money Product and Service profile of Nokia Money Market Profile of Nokia Money
23 25 27 28 30 42 48
3 3.1 3.2
DISCUSSIONS ON TRAINING Work Profile Key Learning
50-52 50 52
STUDY OF SELECTED RESEARCH PROBLEM 4.1 4.2 4.3 Statement of research problem. Statement of research objectives Research Design and Methodology
54-63
54 61 62
5 5.1 5.2
ANALYSIS Analysis of Data Summary of Findings
65-71 65 71
6 6.1 6.2
SUMMARY AND CONCLUSIONS Summary of Learning Experience Conclusions and Recommendations BIBLIOGRAPHY
73-75 73 74 76
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1.1 INTRODUCTION OF MOBILE BANKING SECTOR Mobile banking (also known as M-Banking, mbanking, SMS Banking) is a term used for performing balance checks, account transactions, payments, credit applications and other banking transactions through a mobile device such as a mobile phone or Personal Digital Assistant (PDA). The earliest mobile banking services were offered over SMS. With the introduction of the first primitive smart phones with WAP support enabling the use of the mobile web in 1999, the first European banks started to offer mobile banking on this platform to their customers Mobile banking has until recently (2010) most often been performed via SMS or the Mobile Web. Apple's initial success with iPhone and the rapid growth of phones based on Google's Android (operating system) have led to increasing use of special client programs, called apps, downloaded to the mobile device. A mobile banking conceptual model In one academic model, mobile banking is defined as: Mobile Banking refers to provision and availment of banking- and financial services with the help of mobile telecommunication devices. The scope of offered services may include facilities to conduct bank and stock market transactions, to administer accounts and to access customized information." According to this model Mobile Banking can be said to consist of three inter-related concepts:

Mobile Accounting Mobile Brokerage Mobile Financial Information Services
Most services in the categories designated Accounting and Brokerage are transactionbased. The non-transaction-based services of an informational nature are however essential for conducting transactions - for instance, balance inquiries might be needed before committing a money remittance. The accounting and brokerage services are Gurugram Business School, Nagpur Page 8
therefore offered invariably in combination with information services. Information services, on the other hand, may be offered as an independent module.
Mobile Banking Services Mobile banking can offer services such as the following: Account Information 1. Mini-statements and checking of account history 2. Alerts on account activity or passing of set thresholds 3. Monitoring of term deposits 4. Access to loan statements 5. Access to card statements 6. Mutual funds / equity statements 7. Insurance policy management 8. Pension plan management 9. Status on cheque, stop payment on cheque 10. Ordering cheque books 11. Balance checking in the account 12. Recent transactions 13. Due date of payment (functionality for stop, change and deleting of payments) 14. PIN provision, Change of PIN and reminder over the Internet 15. Blocking of (lost, stolen) cards
Payments, Deposits, Withdrawals, and Transfers 1. Domestic and international fund transfers 2. Micro-payment handling 3. Mobile recharging 4. Commercial payment processing Gurugram Business School, Nagpur Page 9
5. Bill payment processing 6. Peer to Peer payments 7. Withdrawal at banking agent 8. Deposit at banking agent A specific sequence of SMS messages will enable the system to verify if the client has sufficient funds in his or her wallet and authorize a deposit or withdrawal transaction at the agent. When depositing money, the merchant receives cash and the system credits the client's bank account or mobile wallet. In the same way the client can also withdraw money at the merchant: through exchanging sms to provide authorization, the merchant hands the client cash and debits the merchant's account. Kenya's M-PESA mobile banking service, for example, allows customers of the mobile phone operator Safari com to hold cash balances which are recorded on their SIM cards. Cash may be deposited or withdrawn from M-PESA accounts at Safari com retail outlets located throughout the country, and may be transferred electronically from person to person as well as used to pay bills to companies. One of the most innovative applications of mobile banking technology is Zidisha, a US-based nonprofit micro lending platform that allows residents of developing countries to raise small business loans from web users worldwide. Zidisha uses mobile banking for loan disbursements and repayments, transferring funds from lenders in the United States to the borrowers in rural Africa using nothing but the internet and mobile phones.
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1.2 MOBILE MONEY INDUSTRY PROFILE
Mobile financial services, also referred to as mobile money, mobile payment, mobile banking, mobile money transfer and mobile wallet generally refer to payment services operated under financial regulation and performed from or via a mobile device. Although financial institutions and credit card companies have implemented solutions that provide mobile access to their services, in 2011, a number of mobile communication companies, such as mobile network operators, major telecommunications infrastructure and handset multinationals such as Nokia and Internet companies announced their entrance to mobile payments. Mobile payment is an alternative payment method. Instead of paying with cash, cheque or credit cards, a consumer can use a mobile phone to pay for a wide range of services and digital or hard goods such as:

Prepaid Recharges Payment of utility bills such as electric bills, telephone bills etc. Shopping, Payments of merchants bills E-ticketing NEFT and RGTS
There are four primary models for mobile payments:

Premium SMS based transactional payments Direct Mobile Billing Mobile web payments (WAP) Contactless NFC (Near Field Communication) Money Softwares
Additionally there is a new emerging model from Nokia: mobile money/union bank cooperation.
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Mobile payment is being adopted all over the world in different ways. Combined market for all types of mobile payments is expected to reach more than INR30000B globally by 2013, which will be the double of the current figure, while mobile payment market for goods and services, excluding contactless NFC transactions and money transfers, is expected to exceed INR15000B globally by 2013. Some mobile payment solutions are also used in developing countries for micropayments.
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1.2 (a) ORIGIN AND DEVELOPMENT OF MOBILE MONEY INDUSTRY Mobile money is one of the worlds fastest growing industries, common worldwide but yet to become established in India.
The explosive growth of the mobile industry over the past two decades has led to billions of transactions using mobile devices. People now buy train tickets, goods from Amazon and their groceries with their devices.
Such mobile payment offerings are influenced by two distinct set of entities.
Firstly we have those entities whose core business is in handling payments. Examples include traditional retail and corporate banks, established payment brands and processors such as VISA and MasterCard and established non-banks such as PayPal, Obopay and new fast growing entities such as paythru.
Secondly we have the telecoms industry. Mobile operators, technology providers and hardware providers have all recognized the vast potential offered by mobile money and are allocating substantial resources to the industry.
Mobile money systems are very common in the US, Europe, Asia and Africa. Even China has been quick to implement systems such as SmartPay, UnionPay and mobile banking.
Probably the most successful method of mobile money transfer exists in Kenya and which is the M-PESA system, developed by one of Standard Chartereds clients, the leading mobile operator Safaricom, which is 40 percent owned by Vodafone.
M-PESA was launched in 2007 by Safaricom and allows four basic types of transactions person to person, bill payments, cash withdrawal and microfinance receipts and payments.
Users can transfer money subject to a maximum and minimum amount and also hold a Gurugram Business School, Nagpur Page 13
balance on their M-PESA account, again subject to a maximum amount.
In a country such as Kenya with a relatively undeveloped retail banking system, M-PESA has proven to be incredibly popular, with over 13 million users, equivalent to over one third of the population of Kenya.
Users claim the system is very easy to use, very affordable and is one of the best methods of transferring money quickly from a worker in Nairobi to his or her family in more rural areas of the country. Here is where the similarities with India start to become interesting a country obviously full of people working in major cities and frequently needing to send money back home to more rural parts of the country quickly and cost effectively. So could mobile money work in India?
Conceptually, the answer has to be yes. The system is as relevant to the young professional in Mumbai buying his groceries via his tablet device as to the construction worker in Delhi transferring money back to his family in the countryside.
A big driver in India will be the role of retail banks leveraging the mobile device to provide cost effective access to basic financial services for unbanked and underbanked consumers.
Previously the business model for these consumers was uneconomic. The mobile device is changing that and giving rise to potential tie-ups between retail banks, mobile operators and other financial services providers. The Reserve Bank of India (RBI) has begun to address the concept of mobile banking and in 2008 published some operative guidelines. Essentially these mean that banks can provide mobile banking services and telecoms operators are facilitators.
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In 2010 signs of progress appeared. RBI issued mobile wallet guidelines that envisage up to 5,000 rupees with mobile operators that can be used for merchant transactions, but does not allow the physical transfer of funds outside the banking system.
Indeed in September 2010, Airtel was granted a licence enabling the operator to offer cash card services to its subscribers, whereby the subscriber can pay cash to load their mobile wallet from a retail outlet and use it to make payments. Vodafone Essar is also said to be looking at a similar opportunity.
The RBI has also announced that it is looking at creating a dedicated clearing system for mobile payments. This is quite unique in an international context and if implemented would be a welcome sign of strategic forward thinking by the regulators.
In a new service that is set to revolutionize the retail money payment sector in India, consumers will now be able to transfer money from their accounts to any other account in the country using their mobile devices via the National Payment Corporation of Indias (NPCI). It is Indias first instant, real-time, 247 fund transfer facility in the retail payment sector. NPCIs interbank mobile payment system (IMPS) will be the first globally to allow such transactions between individuals that will be routed in tandem through the bank and the mobile services provider. There is a cap of 50,000 rupees per day on mobile transactions, according to RBI guidelines.
This technically means besides Paper & Electronic we will now have mobile as an alternative settlement channel which is likely to replace all forms of small value settlement including plastic in the near future.
Rarely in the world is a facility of this magnitude present. India has nearly 300 million bank accounts, with a huge number of banks as well as mobile operators and a wide subscriber base. It is a challenging task, but the technology is equipped to deal with such Gurugram Business School, Nagpur Page 15
a wide subscriber base. The main difference between India and Kenya in that the formers banking system is relatively developed, with good banking coverage across most of the country. Nonetheless as a complimentary system and also as a tool for the many people without bank accounts but with mobile devices, mobile money has great potential.
As with many things in India, regulatory discussions may slow down a rapid adoption of mobile money as we have seen in Kenya from start-up to 13 million users in less than four years. However it is encouraging that the RBI is looking seriously at this new industry.
Certainly the mobile operators I speak to are excited and see mobile money as an important value added service to be offering to subscribers in the future.
As with the Indian mobile industry it may take some time before mobile money takes off. But if and when it does the growth may again be as spectacular and the way of lives of many Indians will change with it.
\ Gurugram Business School, Nagpur Page 16
1.2 (b) GROWTH AND PRESENT STATUS OF MOBILE MONEY INDUSTRY Mobile money services, which enable banks to reach rural customers through mobile technology, are set to reach 20 crore users worldwide in the next two years. According to the latest analysis from Juniper Research active mobile money users will increase, in the short term due to the need for many people in developing nations to access basic financial services. Currently, there are 100 million users of these services in the world, though there are none in India. However, with Airtel and SBI, Nokia and UBI, and ICICI and Vodafone, having joined hands to offer mobile banking services, this sector is set to grow much faster. India did not see much action on this front as regulations were earlier unfavorable, but now RBI permits mobile banking and the industry is prepared to cash in the opportunity. India has a huge un-banked population with almost 41 per cent people lacking a bank account, and the government is keen to get this population into the organized banking fold -- a sector that is expected to grow at a pace rivaling the growth of the mobile phone industry. With India's population of more than a billion, and the country's GDP growing at more than 8.5 per cent per annum, there will be huge demand for financial services and considering the vast geographies, mobile will be the platform to meet this demand. It would not be surprising if actual growth of mobile money services exceeds projections by a huge margin. A lot will depend on how various stake holders perform their roles. While the industry has welcomed the regulation by RBI, it has said that restrictions such as the limit on transaction amount need to be relaxed in a phased manner. Some players have also critised RBI for not allowing mobile service providers to function as banks. Under current regulations service providers can only act as agents to banks. Industry experts feel that this makes the service expensive as banks and service providers have to share revenue. However, most players feel that there is a big enough market that can sustain multiple players. The stage seems set for these services to be launched, and it will be interesting to see how the masses take to them.
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A secure and efficient payment system would enable the circulation of money and economic activity. This would be the primary goal of any payment system globally. The increase in the number of payment systems, the participation of larger number of institutions in the financial market, recent financial crisis have made brought in focus the public policy makers. Over the recent yesteryears, Indian Policy makers especially on the economic and technology front have taken some bold yet cautious forward steps. The caution has borne fruit, by the insulation the country had during the recent crisis. Today, there is a positive struggle between the policy makers and the market to drive the economy forward at a faster rate; the payments systems are continuously fine tuned and enhanced with newer payments systems. Gone are the days of manual clearing. Today, the customer has a bouquet of payments systems to choose from: from paper transactions to paperless transactions, from netting to gross settlements, from T+3 to real time settlement. Viz. Speed Clearing, Electronic Clearing Systems (Credit & Debit), National Electronic Funds Transfer, Real Time Gross Settlement, Internet Banking. The Payment Visions document of RBI envisages Triple-S and E standing for Safety, Security, Soundness and Efficiency. The payment systems in India reflect retails payments and large value payments, both paper based and electronically based. Across the globe, various type of payment systems are followed, both for paper based and electronic. Variations in structure and delivery channels are also diverse. The ownership of the systems varies from Central Banks, financial institutions to separate entities owned by financial institutions. While the large value and bulk payments taken care by RTGS and ECS (Credit and Debit), it is the retails payment that need attention. Still the consumers and bankers are dependent on paper based transactions. The Retail Payment System: The potential and growth of retail payment system has encouraged the RBI to delegate the system to be operated by approved service providers, banking institutions. Due to the proliferation of so many players in the payment systems, the central bank is apprehensive of permitting non-financial companies to enter the Retail Payment System. With the legal structure regarding electronic funds revealing inadequacies, the situation for the central Gurugram Business School, Nagpur Page 18
bank and policy makers make it even more complex. The prominent and safe method traditionally perceived is the credit transfer or wire transfer. Such transfers are done bank to bank electronically, though not necessarily by banks. The liberalized economic policies have encouraged non-banking companies to enter the Retail Payment System Market. The Retail Payment System involves high volume and low average value transactions, between individuals & business and individuals & individuals. The retails payments are done for one and many of the following: Purchase of services and goods Utility bill payments Person to Person transfers Cash withdrawals The above retails payments are done electronically mostly by debit and credit cards, and to an extent through the Net banking facility offered by banking institutions. With the tremendous growth in the number of ATMS and the advancement of technology, paperless transactions of the electronic retail payment system have outgrown the paper transactions, both in value and volume. But then, that is only the best part of the system. A deeper analysis would reveal that the electronic retail payment system in India is highly biased towards urban population. At 72%, the rural population gropes in the dark with regard to banking services. Recently the Deputy Governor quoted with disappointment that only 31,000 villages out of 7 lakh villages are serviced by a bank. A stark contrast to the sophistication banking facilities available to the urban India. In spite of the facilities available for the retail payment system, the consumer still has to walk across to the ATM or hit the internet button on the computer screen. The underprivileged go the extra mile to the bank branch.
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1.2 (c) FUTURE OF MOBILE MONEY INDUSTRY Money transfers and payments over mobile phones will be among the top 10 most important mobile applications by 2012, according to market research company Gartner. Mobile money transfers top the list, beating out location-based services, search and browsing. Money transfers are already popular in a number of developing countries, and will continue to attract more users, research director in Gartner's Mobile Devices and Consumer Services group. "It's a way for users who don't have a bank account to get access to financial services," Mobile payments came in sixth place on Gartner's list and will be used in both developed and developing markets. In developing markets, mobile payments aren't about offering something that hasn't been available before, and in the developed part of the world it's about offering more convenient ways of paying. The use of NFC (Near Field Communication), which is in seventh place on Gartner's list, will be part of that. The technology lets users pay for goods by waving their NFC-enabled handset in front of a reader. Mobile phones will also be used to authenticate online transactions, by sending one-time passwords to the phone, or creating them directly on the phone. Interest in mobile payments, money transfers and other related services is growing worldwide. Consumers in the U.S. and India, will be able to keep track of spending via SMS (Short Message Service) alerts. Mobile phones will be used to authenticate online transactions, MasterCard. Also, mobile payment services were announced in some other countries also in 2012. The number of worldwide mobile phone subscribers makes for an attractive target. The mobile phone is also a device that users tend to always carry with them.
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However, paying or transferring money with a mobile phone comes with a set of challenges, including both real and perceived security threats. The fact that the data is transmitted wirelessly adds a new level of risk, compared to traditional card payments. Users must feel comfortable with using the mobile phone for mobile payments to become a success.
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CHAPTER 2: PROFILE OF THE ORGANIZATION
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2.1 ORIGIN OF NOKIA MONEY 97 per cent retailers in India dont have a facility to deal with credit cards. They use cash. And thats exactly what Nokia Money is designed to help with. By connecting those without bank accounts (the vast majority of people in India) with those who only deal in cash, Nokia Money is seeking to connect people in a totally new way through transactions. With the head of Nokia Money alliances, Gerhard Romen to see how things are panning out since the service was first announced in September 2011 .
Romen was involved in the first banking trial of mobile services back in 1999. That was a simple service that enabled customers of certain banks to check their account balance and trade stocks, all using a WAP-based service. By the mid naughtiest, individual banks started to release their own mobile banking apps, but still with limitation to broad acceptance. It needed a fresh look and a real compelling approach and strategy, Romen says and so he and his colleagues set about developing Nokia Money. At Nokia Moneys core is an open ecosystem where different organizations bring their own core competences to the mix making mobile money happen. In Nokias case, this is made up of its technology expertise, human behavior insights and research along with its vast installed base of Nokia users and its distribution and logistics network of over 160,000 mobile phone retailers across India. This last figure is remarkable when you consider that its approximately twice the total number of bank branches in the country yes, for every bank branch in India, there are two Nokia retailers. Encouraged by the success of another mobile banking service in Kenya, where about one third of the population now use the four-year-old service, the Nokia Mobile Financial Services team and Romen set about putting the pieces together. For the Nokia Money team, it was vital to have a completely open system. Thats why the service works on any device (thanks to the Obopay client technology being used), not just Nokia devices and is completely independent of any individual bank or network operator. The only thing someone needs to transfer money to another individual or retailer is their mobile number. No SWIFT codes, no IBAN numbers, no Sort Codes, just a mobile number.
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Of course, its early days still for Nokia Money. The first pilot, Mobile Money Services by Yes Bank, went live in Pune earlier this year. Nokia retailers are being trained up and added to the service becoming mobile money agents, which will rapidly broaden the reach. The team and its partners have been working with the Indian central bank to get the sign up process as simple and fast as possible, but still complying with the strict rules there surrounding the handling of money. The service itself is very easy to use and enables users to carry out a variety of transactions. The use cases are as fascinating as they are diverse. One that stands out is not services such as money transfer, bill payment, top-up or payment of merchants but simple security. When youre in the lower part of the income pyramid with no bank account, how do you keep your cash safe? In a jar or under the pillow are both typical. However, offering a simple service where you can go to any agent for the service and deposit i.e. store your money safely, gives people a new way of looking after their money, not to mention the additional services they can then utilize.
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2.2 GROWTH AND DEVELOPMENT OF NOKIA MONEY Nokia on Wednesday launched the pan-India launch of Nokia Money, mobile financial service in India that will provide a secure and convenient alternate to cash to its users on mobile phones.
Nokia Money is independent of any mobile operator or individual banking network, thus extending global reach and use of mobile financial services. It operates across all handsets in India.
There is a need for alternate financial payment instruments in India and the mobile handset offers a perfect mass platform to deliver these. Transaction costs on mobile devices are significantly lower. Nokia brings multiple offerings and is developing an open ecosystem to deliver mobile money services to users depending on their need, said Gary Singh, General Manager, Nokia Mobile Payment Services.
With this offering, Nokia becomes the only company in India to offer a comprehensive portfolio of mobile money services to users. It compliments Nokias existing Money offerings available to consumers in India as it is a non-KYC offering. It seems by its current demand and status that the market size will grow up in upcoming years. The services are delivered by Nokia through partnerships with banks including Union Bank of India and Yes Bank and are currently available in select cities across the country. Union Bank Money Services, powered by Nokia is expected to become available across India by 2012. There is a need for alternate financial payment instruments in India and mobile offers the perfect mass platform to deliver these. Transaction costs through banking correspondents is almost a tenth cheaper and for customers using mobile for money transactions the cost are even lower, said Gary Singh, general manager, Nokia Mobile Payment Services.
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Nokia money is currently providing the services of prepaid recharge, payment of all utility bills and money transfer options. The additional services provided by Nokia in 2012 are as follows:National Easy Fund Transfer (NEFT) Real Time Gross Settlement (RGTS) Swapping Merchant Banking E-Ticketing
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2.3 PRESENT STATUS OF NOKIA MONEY Nokia launches Nokia Money for Indian market. It provides people a secure wallet for their money that can be used to make payments sans the necessity of having a bank account. The official press release says that across rural India, there has been a great need for such service. At present, only 10 per cent of Indias 600,000+ villages currently have access to a bank, leading to considerable insecurity and inconvenience. There are considerably more Nokia dealers than there are bankers in the country. Enabling them to also act as Nokia money agents, able to top up funds on your phone, will mean that considerably more people can have access to simple financial services that were previously unobtainable. To avail the Nokia Money people need to go to their local authorized Nokia retailer, who can set up the service on their phone, then the customer pays cash to the agent and has the digital cash transferred to their phone in an instant SMS message. Their mobile can then be used to securely settle utility bills, phone top-ups, insurance premiums and tickets among other payments. Speaking on the launch, Gary Singh, General Manager said, Nokia Mobile Payment Services There is a need for alternate financial payment instruments in India and mobile offers the perfect mass platform to deliver these. Transaction costs through banking correspondents are almost a tenth cheaper and for customers using mobile for money transactions the cost are even lower. Mobile money refers to a suite of financial services offered through mobile phones and other handheld mobile devices. These services can include 1) person-to-person transfer of funds, such as domestic and international remittances, 2) person-to-business payments for the purchase of a range of goods and services, and 3) mobile banking, through which customers can access their bank accounts, pay bills, or deposit and withdraw funds. Gurugram Business School, Nagpur Page 27
2.4 FUNCTIONAL DEPARTMENT OF NOKIA MONEY MARKETING In this department, the executives of nokia money has planned about the marketing of their product. In this department, it is to be decided that how the marketing has to be done in different cities because the taste and preferences of the people of different cities are different. So it all should be decided in this department. Marketing executives are seeks for prospective customers, they helps in opening of an account of nokia money and also these executives collects the documents and provide other services.
ACCOUNTS Maintaining the expenditure of advertising and other products. Internal auditing Payments and receipts
HR & ADMINISTRATION PAY ROLL MAINTAINANCE: maintenance of employee details like salary incentives, bonus, and performance records etc
RECRUITMENT DEPARTMENT: this department helps in assessing the needs of Labor force and recruiting the needs of Labor and giving the orientation program to new employees.
HRD: Maintain good relationship with the employees Identifying the less motivated employees and providing the necessary motivation Accepting problems of the workers and helps in solving them Gurugram Business School, Nagpur Page 28
SUPPORT & FUNCTION FRONT OFFICE In front office the following services are done. Account opening Holding enquiries Solution of queries Providing ATM card
BACK OFFICE Maintenance of all account formalities Giving intimation related to documents to their account holders via SMS Giving intimation about the approval of ATM card by the bank via SMS . Giving intimation about the downtime of the server via SMS
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2.5 ORGANIZATION STRUCTURE AND ORGANIZATION CHART It have three reportable segments: Devices & Services; NAVTEQ; and Nokia Siemens Networks.
Their Devices & Services group was formed on January 1, 2008, and combined its three former mobile device business groupsMobile Phones, Multimedia and Enterprise Solutionsand the supporting horizontal groups into one integrated business group. The new organizational structure is designed to align Nokia with the opportunities they see for future growth in devices and services and increase efficient ways of working across the company. Devices & Services has three units: Devices; Services; and Markets. The three units receive operational support from its Corporate Development Office, which is also responsible for exploring corporate strategic and future growth opportunities.
They completed their acquisition of NAVTEQ Corporation on July 10, 2008, one of a number of strategic acquisitions to bring them the technology and knowledge they believe they need to compete effectively in consumer Internet services. NAVTEQ is a leading provider of comprehensive digital map information and related location-based content and services for automotive navigation systems, mobile navigation devices, Internet-based mapping applications, and government and business solutions. By acquiring NAVTEQ, they aim to ensure the continued development of their context and geographical services through Nokia Maps as they move from simple navigation to a broader range of location-based services, such as pedestrian navigation and targeted advertising. At the same time, NAVTEQ continues to develop its expertise in the navigation industry, service its strong customer base and invest in the further development of its industry-leading map data and technology platform. NAVTEQ is a wholly-owned subsidiary of Nokia.
Nokia Siemens Networks was formed on April 1, 2007, and combined their former Networks business group with Siemens carrier-related operations for fixed and mobile Gurugram Business School, Nagpur Page 30
networks. Nokia Siemens Networks is jointly owned by Nokia and Siemens and consolidated by Nokia. Nokia Siemens Networks has five business units: Radio Access; Converged Core; Broadband Connectivity Solutions; Operations and Business Software; and Services.
Devices & Services and Nokia Siemens Networks are each reportable segments for financial reporting purposes. Commencing with the third quarter 2008, NAVTEQ is also a reportable segment. Prior period results for Nokia and its reportable segments have been regrouped for comparability purposes according to the new reportable segments effective in 2008. Organizational Structure Nokia comprises four business groups: Mobile Phones; Multimedia; Enterprise Solutions and Networks. The company also includes two horizontal groups: Customer and Market Operations and Technology Platforms. The following chart shows Nokia's organizational structure:
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Nokia India Private Limited first started operations in India in 1995, and presently operates out of offices in Gurgaon, New Delhi, Mumbai, Kolkata, Bangalore, Hyderabad and Ahmedabad, covering the whole of India for the companys different businesses. We wrote telecom history in India together with our customers, when the first GSM call in India was made on a Nokia 2110 mobile phone on a Nokia-supplied network in 1995. Today, our operations include both the handsets and infrastructure businesses, supported by about 1200 personnel covering Mobile Phones, Multimedia, Enterprise solutions, and Network infrastructure. India is among the top 10 markets for Nokia worldwide today. In new growth markets such as India, with mobile phone penetration being less than five per cent of its over one billion population, Nokia is focused on working closely with operators to lower the total cost of ownership and usage for consumers, by offering the right mix of affordable and attractive handsets with relevant feature sets and essential mobile voice and messaging services, to bring the benefits of mobile communication to end-users. Over the years, Nokia has established itself as the market and brand leader in the mobile device market. Nokia has a diverse product portfolio in India to meet the needs of different consumer segments, ranging from advanced multimedia devices, to an affordable range of entry level phones for first time subscribers. Nokia Money Organization Chart Nokia is a world leader in mobile communications, driving the growth and sustainability of the broader mobility industry. Nokia connects people to each other and the information that matters to them with easy-to-use and innovative products like mobile phones, devices and solutions for imaging, games, media and businesses. Nokia provides equipment, solutions and services for network operators and corporations. Nokia is a broadly held company with listings on four major exchanges. Nokia comprises four business groups and two horizontal groups.
Organization Organizational Structure
Nokia comprises four business groups: Mobile Phones; Multimedia; Enterprise Solutions and Networks. The company also includes two horizontal groups: Customer and Market Gurugram Business School, Nagpur Page 32
Operations and Technology Platforms. The following chart shows Nokia's organizational structure:
Nokia India Private Limited first started operations in India in 1995, and presently operates out of offices in Gurgaon, New Delhi and many other cities.
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EXECUTIVES PROFILES:-
Gary Singh MD/General Manager
Gary Singh is MD/General Manager Nokia Mobile Payment Services India. Mr. Singh, a 20-year veteran from Silicon Valley, has been part of the mobile revolution from the early days of his career, which started with the wave of POS automation that swept through the retail and banking industries driving higher employee productivity and enhanced customer experience. He was then part of the mobility based real time solutions revolution which automated the supply chain and drove paradigm shifts in the retail, manufacturing & logistics industries. More recently he has been part of mobilizing the enterprise and consumers by taking mobile technologies to new heights with standardization, scalability and security. Throughout his career Mr. Singh has been at the core of designing new products and solutions and then taking them to the market with key responsibilities in the areas of product management, R&D, marketing and sales. Mr. Singh joined Nokia from Obopay where he was Senior Vice President/GM for its India Business. Prior to Obopay Mr. Singh served as Vice President of Marketing at Aruba Networks where he led IPO related marketing and industry GTM strategy and execution. Prior to Aruba, Mr. Singh served as GM and Director of Product Marketing and Management for Nokia's Security and Mobile Connectivity group. Before that, Mr. Singh spent a decade at Symbol Technologies in the wireless infrastructure division where he helped pioneer the Wi Fi market. Mr. Singh holds multiple patents in the area of mobile technologies and graduated with BS in Economics from Punjab University.
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Shreepad Shende Director - Marketing
Shreepad has diverse work experience of over 18 years in the financial services domain. He has expertise in both B2B and B2C marketing. He joined NMPSIPL in June 2011. Prior to joining NMPSIPL, he has worked with companies like ICICI Bank, HDFC Bank, TATA AIG Life Insurance Company and prior to that a few stints in advertising agencies. He has handled multiple assignments in the area of brand building, marketing, new product development, managing loyalty programs, strategy and press relations. He joined ICICI Bank in 2004 and as head - marketing for Small and Medium Enterprises (SMEs) division at ICICI Bank, he was responsible for setting up the marketing team for the SME group in this role. He conceptualized and launched several innovative B2B marketing initiatives. One such initiative called "Emerging India Awards" also featured in Limca book of records and Shreepad was felicitated by the then MD & CEO of ICICI Bank, Mr. K. V. Kamath for achieving this feat. Shreepad is a winner of ICICI Bank DNA exemplifier for two years in a row 2006-07 and 2007-08 for DNA anchor - "Collaboration" signifying - "striving not just to win as an individual but to win as a team" and was nominated for the Leadership Management Program in 2006. He was on Expert panel of judges at TATA-NEN hottest start-ups Awards 2008. Shreepad is a graduate in electronics and holds a Post Graduate Diploma in Management from IMDR, Pune.
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Rahul Singh Director - Sales
Rahul has over 20 years of experience in sales and distribution across FMCG and telecom operators in the country having handled national and circle sales roles with exposure to retail as well as corporate sales. He has worked with leading FMCG and telecom companies in India like ITC Limited, Colgate Palmolive India Limited, Tata British Petroleum, Airtel, Idea Cellular and the Future Group. He also has an experience in working in a start-up environment and has worked with 2 start-up companies before joining NMPSIPL. This includes Tata British Petroleum in lubricants and Tata Docomo on the telecom operator side of the business. Rahul has expertise in setting up sales teams and operations, appointing distributors and channel partners. He has managing large teams in the past. During his stint at Tata Docomo, he was awarded the best Circle in the country in for 2009-10 across key performance parameters like sales achievement, revenue targets and Sales & Distribution indicators. Rahul is 41 summers old, married and with a son of 11 years and enjoys music, travel and sports.
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Balachandran Unni Director - Business Development
Balachandran is a Sales and Business Development professional with more than 20 years of experience in building alliances for launching products in emerging technology sectors including e-commerce, m-commerce & digital payments. Balachandran joined NMPSIPL in January 2011, and as part of the start-up team he is responsible for developing a robust mobile payments ecosystem in the country. These include building partnerships with banks, telecom operators, service aggregators, merchants and large enterprises. Prior joining NMPSIPL, he was part of Obopay Mobile Technologies India right from its inception in India in April 2007. He was part of the team responsible for launching the first Prepaid Mobile Payment service in India. He also worked with OnMobile Global Ltd and Rediff.com. At OnMobile Global, he setup the first mCommerce platform in India leveraging SMS/IVR and WAP as the access channels and credit card as the mode of payment. At www.rediff.com, he was instrumental in setting up the first B2C ecommerce site in India, establishing new business opportunities in areas of Enterprise Email solutions, Online Corporate Gifting sites, Cash-on-Delivery etc. Balachandran is an Economics Graduate and has a Senior Management Program degree from IIM Calcutta. Is a committee member at Mobile Payment Forum of India (MPFI) and aligned with IAMAI.
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Prakash Pai Director - Technical Operations
Prakash is an industry veteran in software products in the Banking and Financial Services domain. He is very well versed with the onsite offshore outsourcing and near shoring models of software business. Before joining NMPSIPL, he was President at Nucleus Software Exports Ltd. During his career, he has managed relationship with customers across various continents and cultures, organization types both multinational as well as local private and public sector undertakings. He has led highly motivated productive team members and his crisis management skills are most sought after. In the past, Prakash has represented his company at various global and domestic forums, including the investor meetings, company AGM and business development events, and excels in networking capabilities at C-levels and senior management of banks and financial institutions. He is a panel member for recruiting senior IT professionals to public sector banks as an independent technical member. Prakash is also a President of a charitable organization. He has also worked with Bank of India , Walchandnagar Industries and Tata Motors. Prakash is a graduate of Fergusson College, Pune, and post-graduate of the Indian Institute of Technology, New Delhi.
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Abha Mehta Director - Business Operations
Abha Mehta is an experienced financial services professional with over 20 years of experience in operations, Service Quality and service delivery domain. The business operations function in NMPSIPL is the service delivery vertical of the business and together with Technology Operations is responsible for delivering an exceptional customer experience. Abha joined the NMPISL in Feb 2011 from GE Capital Services India where she worked to prepare the operations platform for the next level of business growth. As the Vice President Operations, she supported the Asset based commercial lending products including Healthcare, Distribution Finance, Commercial Vehicles and Commercial equipment. She was also responsible for more structured finance products like Promoter Funding, Corporate Loans, Trade Finance and Working Capital Loans. Prior to GE, Abha has held several leadership positions with Standard Chartered Bank in Wholesale Banking -Standard Chartered Services, Cash Management Services, Bank Card services, Internal Audit and Operational Risk. Abha played a key role in the execution and implementation of the strategic merger of Standard Chartered Bank and ANZ Grindlay's Bank in India. She is a clear thinker who believes in the power of teams and collaborative work practices. During her career journey, Abha has successfully led many new and sustainable business growth initiatives in the operations, Business Service Quality and service delivery domain. Abha holds a MBA degree in International Business from Henley Management College London (UK) and is also an alumnus of Miranda House, University of Delhi from where she completed her Masters in Science.
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Shalini Saini Singh Manager HR
Shalini is the HR manager for Nokia Money in India. She is responsible for end-to-end design & implementation of people processes & systems at Nokia Money. This includes resourcing/recruitment, performance management, training & development, compensation management and employee engagement. Shalini' s career spans diverse roles including as a specialist in the Training & Development domain and in business operations. Prior to this assignment, Shalini was part of the Learning & Development, Organization Development and Talent Management team at Bharti Group corporate office. In this role, she was responsible for talent management & development of the top 50 leaders across the Bharti Group. She also played an active role in managing the post-merger integration during the Zain acquisition in Africa including cross-cultural sensitization and immersion. She has also had stints with Ernst & Young as an HR Consultant and GE Capital International Services (Genpact) in Business Operations. Her areas of specialization are Organization Design, Talent Management and Development. Shalini holds a PGD in Personnel Management & Industrial Relations from XLRI, Jamshedpur.
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Sripriya Ramachandra Head, Finance and Commercial
Sripriya Ramachandra is a Director on the Board of Nokia Mobile Financial Services and heads the Finance and Commercial Function of the Company. She joined Nokia India Private Limited in 2007 as the Regional Business Controller (RBC). As the RBC of the Western Region, she handled a business portfolio exceeding US $1 billion, and was a part of the Management Team that planned and implemented Distribution best practices across the region. Sripriya now heads the finance and commercial function for NMPSIPL. Before joining Nokia, Sripriya started her career with BASF India, as a Management Trainee, where she spent over 12 years, in a progressively growing career, in varied Financial and Commercial functions. Her exhaustive stint at BASF covered Project Planning and Implementation, Supply Chain Management, and Procurement functions. In her last assignment at BASF she specialized in EXIM implications across nearly 800 product lines of BASF India. With distinctions, state and university ranks through her academic career, she is a Graduate of Indian Cost and Works Accountants and has done her Masters' in Business Administration, specializing in Finance function. She is a certified SAP Auditor of ERP projects. Her interests lie in propagating eco-tourism in the tree-line areas of Himalayas and she is also an avid trekker.
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2.6 SERVICE PROFILE OF NOKIA MONEY AND ITS COMPETITORS:-
Transferring cash using Nokia Money is as simple as sending a text message. Running as a pilot, called Mobile Money Service by YES Bank powered by Nokia in Pune since earlier this year, users have two types of accounts they can sign up for Easy Pay and Easy Send. Easy Pay is the basic version, enabling users to pay utility bills and recharge prepaid mobile accounts from their mobile phone. With just a water bill (as proof of address) and their mobile device, users can sign up for the service easily and quickly at a certified Mobile Money Service retailer. From there the process of paying bills can be done anywhere they have a network connection. In some instances, the user will get a alarm added to their device, reminding them a few days before that a bill is due to be paid. Its typical in India for one person in the household to manage the money. Thats why Easy Pay enables users to top up prepaid mobile bills on multiple accounts. If one of the kids needs a top up, he can simply send a message to the one who looks after the money (typically the dad) who can then top up his sons phone from his own device. Fast and hassle free. Easy Send is a more sophisticated account and features a range of additional services over Easy Pay. Sign up is more involved, with various proofs of ID, signature and address required. It can still be done at a Mobile Money Service retailer, but the more sophisticated services require more stringent identification to comply with the anti money laundering laws. Not only can Easy Send users pay bills and top up prepaid mobile accounts, they can also send money to other Mobile Money Service users. Alternatively, they can use the service as an ATM, withdrawing cash from selected YES Bank ATMs and use their device to pay retailers who have signed up for the service. The Nokia Money team is working flat out signing up new partners and services to the Nokia Money ecosystem. In recent weeks hundreds of merchants have been added where Gurugram Business School, Nagpur Page 42
you can pay with your mobile. In the works are more networks and financial institutions, not to mention increasing the number of Nokia retailers wholl be acting as outlets for the service. Getting new Nokia retailers on board is a straightforward process. They need to submit a set of documentation, showing their financial stability and suitability for the service. Training is then provided, so they have the ability to both help users with their mobile client set up and ensure those users provide the correct documentation to sign up for the service. When a user hands over cash to a Mobile Money Service retailer, they simply take the money to the bank, as they would for a regular transaction. Getting up and running with the service, whether youre a retailer or a user, is fast, easy and brings a world of new opportunity to those involved. Services which were previously out of reach, or time consuming, fast become second nature to the user. The ambition for Nokia Money is to enable people to connect in new ways, and for money and mobile financial services to become an integral part of your phone. And you know what, it looks like its working. Mobile Money Services is the much talked about Nokia Money Project that was approved by RBI few days back. Officially launched by Yes Bank, powered by Nokia and Obopay, this service is one of the first end to end solutions in mobile banking. Previous offerings almost always addressed a slice of the pie and never had tie-ups with the biggies namely the phone companies and the banks. Though there was Airtel Mobile Money Transfer but it was only an extension of mChek. This one however is a step in the right direction. The money part is controlled by Yes Bank, Nokia provides its retail chain for better reach and Obopay is the technology provider. They provide two kinds of accounts on the basis of your usage. The first called Easy pay is for basic services like recharging the phone account and paying utility bills (do recall that most banks like Yes bank provide utility services already so this is just plugging tino existing systems through the phone). The second one called Easy Send however is more interesting. This allows you to send money to recipients who also have a similar account (either of the above). This is an interesting solution as it would enable
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transfer of money from a mobile to another mobile hopefully without much of a time lag etc. How to Register for Mobile Money Services: 1. To register for the service visit a Mobile Money Agent who essentially will be your Authorised Nokia Dealer. 2. Fill up a basic form with Photo ID proof. 3. Deposit Money with the agent to get started. You do not get interest on the money deposited. It will be maintained as Savings account or Prepaid account by Yes Bank. Registration is Free. Service currently available in Some cities only. How to Access: The service is currently accessible through Mobile app on certain Nokia handsets only. But it will be soon opening up on SMS(full service), GPRS (full service) and IVR(for balance check only) and will not be limited to Nokia users. Your mobile number defines your account and has a security pin associated with it. While changing number you can transfer your existing account to new number. Types of Accounts 1. Easy Pay (No service fee)- Use it for paying utility bills. 2. Easy Send (Service fee involved)- All EasyPay services along with option to send money to other users and merchants. Since money transfer between individuals is involved here, you need to register with address proof at a Yes Bank branch.
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The most important aspect is the one which is coming soon. One of the promises on the site is shopping using just the mobile phone. We would be VERY interested to see how that pans out. That will be the true last mile solution which links a payment system with a bank account with the device. It will also be a big test as they most probably will have to work with existing systems and therefore have to tie-up with other bank gateways (e.g. the credit card machine you use at a shop might be owned by another bank). They might alternately go the route of installing this on every shop owners phone but that might be a cumbersome process and one which is difficult to implement. The service is currently launched (pilot) in some cities, as it is a potent market owing to the density of tech savvy users. Although the utility services part is a major attraction for urban crowd i truly believe the P2P money transfer service will be embraced by the rural population at large. There is a huge money transfer industry that currently serves the unbanked immigrant workers in big cities who want to send money back to their villages. The prevailing service charge for such transfer is anything between 2-5% of the total amount, so one can well imagine the need for a cheaper service. Nokias presence is pan India including small towns so even at 2% transfer fee it will find users for micro transfer. Though for now the withdrawal facilities are at Yes Bank and Union Bank branches only. COMPETITORS: 1. SBI Kiosk Banking Services>> State Bank of India Oxigen supported Sahyog Microfinance Foundation has signed an agreement with State Bank of India. Oxigen Retailers can now be appointed as Customer Service Points for Business Correspondents to State Bank of India and carry out banking transactions on behalf of SBI. This is a business opportunity for any Retail Outlet. You can, become a Mini Branch of State Bank of India, the country's largest Bank. This technology is powered by Oxigen. 2. State Bank MobiCash>> State Bank MobiCash is a Pre- paid Mobile Banking based Application for Consumers who would Gurugram Business School, Nagpur Page 45
like to have money transfer and other facilities on their Mobile. Usable anytime, anywhere ! These facilities are now available at your finger tips, beyond regular banking hours along with the extra ability to make other bill payments on the go. This application has been developed by Oxigen, for the State Bank Of India. Oxigen Services( India) Private Limited has signed up with State bank of India to provide the MobiCash service and customer enrollment for virtual/mobile prepaid accounts to enable consumers, to make payments for goods and services, remittances via the MobiCash application, and cash in/ out at the Oxigen retail point. 3.Nokia Money Services>> Nokia Money Nokia has introduced Nokia Money, a new mobile financial service offering consumers with mobile device access to basic financial services, with Union Bank of India. For many consumers, this will be the first time they have had any access to such financial services. Nokia Money has been designed to be as simple and convenient as making a voice call or sending an SMS. It will enable consumers to send money to another person just by using the person's mobile phone number, as well as to pay merchants for goods and services, pay their utility bills, or even recharge their prepaid mobile phones. There would be many other services that would be included going forward. The services can be accessed 24 hours a day from anywhere, meaning savings in travel costs and time. Nokia is building a wide network of Nokia Money agents for UBI Money, and has joint hands with Oxigen to enable Oxigen retailers to become Nokia Money Agents, where consumers can deposit money in to or withdraw cash from their UBI account. 4. Yes Bank Money>> Oxigen Services (India) private limited has signed up with Yes Bank as Business Correspondent for providing Remittance service through Oxigen retailers. These retailers can now be appointed as Yes Bank Business Correspondent Agents and transfer money to ANY bank account using Oxigens platform. This is a unique business opportunity for retailers to be able to provide remittance service to both banked as well as unbanked Gurugram Business School, Nagpur Page 46
customers. YES Bank Money Service enables customers to do remittance to any bank using IFSC code and Bank account number.
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2.7 MARKET PROFILE OF NOKIA MONEY Nokia Mobile Money Service is an exciting and innovative mobile payment service powered by Nokia, bringing consumers access to basic financial services via their mobile device. The services are delivered through partnerships with banks including Union Bank of India and Yes Bank across different parts of the country. Union Bank Money Services, powered by Nokia will be available across India by 2012. Mobile Money Services by Nokia follow any device, any operator, any bank approach delivering 100% interoperability for today's convenience-seeking, highly mobile consumers to enjoy financial services access anywhere, anytime.
The services offer a complete suite of rich functionalities including expedited bill payment, pre-paid recharge, person-to-person payments/money transfer, balance enquiry, person-to-merchant payments, and bank teller functions providing account opening, cash deposit and cash withdrawal at business correspondent locations. Making the service ubiquitous and easy-to-use Nokia is also pre-loading the Mobile Money client on all Nokia devices. Mobile Money Services from Nokia meets all relevant regulations established by Reserve Bank of India and security requirements such as PCI compliance. First, a recap of telecom/debit card data: India has 700 million+ mobile subscribers, just 240 million individuals with bank accounts, 20 million credit cards, 88,000 bank branches, and 70,000 ATMs. Of the households without a bank account, 42 percent have at least one mobile phone. Mobile banking could be a game changer and while we have been hearing of this for quite sometime, its also important to note that very recently, transaction limit for mobile wallet card was increased to INR 50Kand as per latest report by BCG, Mobile banking in India is set to generate fee-based income of Rs 20,250 crore over the next five years, mainly driven by lower transaction cost, favourable regulatory environment and UID project.
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By 2015, $350 billion in payment and banking transactions could flow through mobile phones, compared with about $235 billion of total credit- and debit-card transactions today. This forecast is based on a recent analysis conducted by The Boston Consulting Group and depends on the willingness of banks, telecom operators, regulators, and consumers collectively to embrace this form of payment. It is far less costly to offer banking and payment services using mobile technology than to build new branches in a country that, outside of major cities, is still largely rural. As mobile-money initiatives take shape, the projected fee income in India from mobile payment and banking transactions could exceed $4.5 billion by 2015. That amount is less than it might appear. These fees will be shared by banks, telecom operators, device makers, and service providers.
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Mobile Money & The Indian Market Mobile banking is a tale of two meta markets in India: rural and urban. Over the next five years, Unbanked rural markets could begin to rival the urban market in size. In urban areas, many consumers have bank accounts but still rely on cash for 90 to 95 percent of small-ticket transactions. Mobile payments would be a tremendous convenience for these consumers.
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CHAPTER:3 DISCUSSIONS ON TRAINING 3.1 MY WORK PROFILE, ROLES AND RESPONSIBILITIES, TOOLS AND TECHNIQUES USED As a marketing executive, My work profile is as follows: liaising and networking with a range of stakeholders, e.g. customers, colleagues, suppliers and partner organisations;

communicating with target audiences and managing customer relationships; sourcing advertising opportunities and placing adverts in the press (local, regional, national and specialist publications) or on the radio (depending on the organisation and the campaign);
managing the production of marketing materials, including leaflets, posters, flyers, newsletters and e-newsletters and DVDs;
writing and proofreading copy; liaising with designers and printers; organising photo shoots; arranging for the effective distribution of marketing materials; maintaining and updating customer databases; organising and attending events such as conferences, seminars, receptions and exhibitions;
sourcing and securing sponsorship; conducting market research such as customer questionnaires and focus groups; contributing to and developing marketing plans and strategies; managing budgets; evaluating marketing campaigns; monitoring competitor activity; supporting the marketing manager and other colleagues.
Tools and Techniques used:Two mobile sets, one for activations and the other for cash in of customers. Software of mobile money agent has to be used for performing of actions.
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GPRS is also used for the movement of software. Scanner for sending the documents of the customer to the bank. Laptop for maintaining the database of the customers. Canopies for setting it different locations for the attraction of the customers. Umbrella and T-shirt has also been used for promotion of Nokia Money.
3.2 KEY LEARNINGS
The power of aligning personal motivation and business objectives. Increase the capacity to motivate others. Increment of communication skills. Increase the convincing power and quick answer capability. Being able to talk with the customers independently and solve their queries. Being able to talk to people in terms they understand Using appropriate language The relevance, development and use of personal style Putting across concepts and ideas with ease and flair for increasing the sale of the company. The value of creative risk-taking and "out of the box" thinking Making sure projects move forward without having to do all the work yourself. The process of documentation and activation of accounts. Issuance of debit card to the customers and also its activation. How to fill a rejected form of customers. Learn about the entire process of opening an account from starting to end.
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CHAPTER-4
STUDY OF SELECTED RESEARCH PROBLEM
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4.1 STATEMENT OF RESEARCH PROBLEM

A.NOKIA MONEY :Encouraged by the success of another mobile banking service in Kenya, where about one third of the population now use the four-year-old service, the Nokia Mobile Financial Services team and Roman set about putting the pieces together. For the Nokia Money team, it was vital to have a completely open system. Thats why the service works on any device (thanks to the Obopay client technology being used), not just Nokia devices and is completely independent of any individual bank or network operator. The only thing someone needs to transfer money to another individual or retailer is their mobile number. No SWIFT codes, no IBAN numbers, no Sort Codes, just a mobile number. The service itself is very easy to use and enables users to carry out a variety of transactions. The use cases are as fascinating as they are diverse. One that stands out is not services such as money transfer, bill payment, top-up or payment of merchants but simple security. When youre in the lower part of the income pyramid with no bank account, how do you keep your cash safe? In a jar or under the pillow are both typical. However, offering a simple service where you can go to any agent for the service and deposit i.e. store your money safely, gives people a new way of looking after their money, not to mention the additional services they can then utilize. Nokia Money has been designed to be as simple and convenient as making a voice call or sending an SMS. It will enable consumers to send money to another person just by using the persons mobile phone number, as well as to pay merchants for goods and services, pay their utility bills, or recharge their prepaid SIM cards (SIM top-up). The services can be accessed 24 hours a day from anywhere, meaning savings in travel costs and time. Nokia is building a wide network of Nokia Money agents, where consumers can deposit money in or withdraw cash from their accounts. [...] Mobile payments will be the next step for delivering financial services to hundreds of millions of people, both urban and rural, who are underserved by existing payment means, especially in emerging economies. [...] Gurugram Business School, Nagpur Page 54
The Nokia Money service will be operated in cooperation with Obopay, a leader in developing global mobile payment solutions, which Nokia invested in earlier this year. The service is based on Obopays mobile payment platform, with unique and newly developed mobile elements. Nokia intends the service to be open and interoperable with other payment services as well.
Phone as wallet Google introduced Near Fields Communication support with Nexus S and rumors suggest Apple will be doing so too. NFC coupled with services like Google Wallet will be changing how people use phones. In India, Interbank Payment Service has been launched offering real-time remittance using phones. Nokia has partnered with the Union Bank and Yes bank to provide mobile banking facility to customers. The service is backed by Nokias strategic investment in Obopay. With Nokias Mobile Money, users can transfer money using the mobile app or in some cases use SMS for transactions. Airtel has a similar service called Airtel Money. Airtel has several registered merchants across North and South India accepting payments through Airtel Money.
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4 billion mobile phones but only 1.6 billion bank accounts Mobile payments will be the next step for delivering financial services to hundreds of millions of people, both urban and rural, who are underserved by existing payment means, especially in emerging economies. Rural consumers will particularly benefit from money transfers and, for urban consumers used to online services, we are enabling services such as payment of utility bills, purchase of train and movie tickets, top-ups, all through their mobile phones. Nokia Money is simple to use, secure and available across different operator networks and on virtually any mobile phone. This means millions of new consumers will soon be able to manage all their financial needs from their mobile phone, said Teppo Paavola, VP and Head of Corporate Business Development, Nokia.
Building a new ecosystem for mobile payments The Nokia Money service will be operated in cooperation with Obopay, a leader in developing global mobile payment solutions, which Nokia invested in earlier this year. The service is based on Obopays mobile payment platform, with unique and newly developed mobile elements. Nokia intends the service to be open and interoperable with other payment services as well. Gurugram Business School, Nagpur Page 56
Obopay shares Nokias vision for bringing mobile financial services to millions of people worldwide. Were excited that Nokia has chosen Obopays platform. Nokias leading market position, strong brand recognition and global distribution channel, using the Obopay platform with uniquely developed mobile elements, means the Nokia Money service is well positioned to bring the next generation of mobile payment services to the world, said Carol Realini, Founder and CEO of Obopay.
Nokia Money is the result of a powerful collaboration Nokia is forging between different partners in different markets around the world. It is designed to work in partnership with mobile network operators and financial institutions, involving distributors and merchants in a dynamic ecosystem to seamlessly provide the new services. As a result of the innovative partnerships and comprehensive ecosystem we are forging with the banking and financial industry, as well as leading network operators, we believe Nokia Money will bring financial inclusion to many who currently have limited or no access to financial services. Uniting the strengths of the mobile and financial services industries will change the way people around the world can manage their money in the future, added McDowell.
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B. AIRTEL MONEY:Airtel holds the license to use the Semi closed Wallet of the Reserve Bank of India. Moreover, the company has built a secure and robust payment system for a safe, convenient and friendly transaction of the customers. This new mobile payment platform allows us to use our mobile phones to pay instead of using cash or cards. Its simply like recharging our mobile wallet and using it to pay for our electricity and phone bills, book online movie and train tickets, pay for our supermarket, etc. Airtel Money, at present is available in the city of Gurgaon and is soon expected to be launched in Delhi NCR and several other cities across the country. The company has already partnered with many merchants including Restaurants and Coffee Shops and is expected to expand the list to over 3000 merchants across India. Also the users of the service might avail special discounts and offers at various outlets adding value to their purchase.
Goodbye cash, hello airtel money!
Indias first mobile wallet service by a telecom operator- airtel money now launched in the millennium city of Gurgaon
Now, airtel mobile customers can use the power of the ubiquitous mobile platform to make payments the easier way at anytime, sitting anywhere!
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airtel money gives mobile customers in India have another reason to join the countrys largest network airtel Gurgaon, 31st January 2011: Have you ever wanted to buy tickets for the evening movie show without visiting the theatre, pay your electricity bill without waiting in a long queue, buy yourself a coffee without the need to take out change or wished you could magically pay for groceries after forgetting your wallet at home? Your wait is finally over. Bharti airtel today announced the launch of airtel money Indias first mobile wallet service by a telecom operator. Aimed at offering customers with an efficient alternative to cash transactions, airtel money will provide millions of airtel customers across the country with a convenient and secure way of making payments through the ubiquitous mobile platform. Now available in Gurgaon, the service will soon be launched across several other key cities in India in a phased manner thereby presenting another compelling reason for mobile customers in India to join the countrys largest network airtel. Where can you use airtel money?
Load cash: Load cash on your airtel mobile by visiting your nearest airtel retail outlet. Pay bills & recharge: You will be able to use this cash in your mobile for making bill payments (electricity, gas, financial services, etc.) and recharge
Shop & make payments: Instead of cash, pay over-the-counter merchants such as your nearest kirana store, chemist, etc using your mobile phone. You can even sit at home and pay for services like booking movie tickets online Announcing the launch of the service, Mr. Atul Bindal, President Mobile Services, Bharti airtel said, The mobile phone is fast emerging as a device that enables our lives in more than many ways. Taking this a step further, we are proud to launch airtel money as a first-of-its-kind service from a telecom operator, that transforms the mobile phone into a secure and convenient wallet which customers can use to load money and use it for shopping and making payments. We see a huge potential for m Commerce services in India and are confident that the launch of airtel money will facilitate a paradigm shift in the way consumers transact. In 2010, Bharti airtel was granted the license to use the Semi Closed Wallet by the Reserve Bank of India. The company has designed a secure and robust backend system to Gurugram Business School, Nagpur Page 59
offer Indias first mobile wallet service by a telecom operator airtel money - as a safe, convenient and user friendly medium for customers to make payments. In Gurgaon, airtel has already established partnerships with several merchants (including coffee shops, restaurants etc) to accept payments via airtel money which will gradually be scaled up to over 3,000 merchants across the city. airtel money will subsequently be launched in Delhi NCR and several other key cities in India. Customers will also be able to avail airtel money exclusive discounts and attractive offers that will be offered at various merchant outlets in the market and save money as they shop! To use airtel money
Register by filling in the application form and submitting KYC documents (2 photocopies of proof-of-identity, 1 copy of proof-of-address and a passport size photograph).
After the above, your existing airtel SIM will be upgraded to the new 64K airtel SIM with airtel money.
Activate your airtel money account by choosing your MPIN. Load cash into your airtel money account by visiting your nearest airtel retailer You are now ready to send commands through the airtel money application on your phone and transact anytime, anywhere! Airtel had recently announced a JV with State Bank of India to provide banking and financial services to millions of unbanked Indians using the mobile platform. With this launch of airtel money airtel now offers a complete suite of financial products on mobile devices for the banked as well as unbanked population of the country.
Main motive of choosing airtel money as competitor is because it has a very good name in market and is in tie up with state bank of india which is itself a top player of banking industry. Both the group has a good name in market and is a tough competitor of nokia money. Thus to know the plus and minus of both product and the survival of the survival of the fittest will be inhered.
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4.2STATEMENT OF RESEARCH OBJECTIVES

Every organization has to achieve its organization goals. For this it is very essential for an organization to know about the view of consumers and their competitive products. This survey research may be also aimed as to estimate potential buyer for the product. The objective of the study is as under:1. To identify the difference between market performance of Nokia Money and Airtel Money 2. To study the market of Nokia Money and Airtel Money on big scale Mobile Banking sector. 3. To compare various parameters of benefits provided by both the service providers 4. To study customer buying behavior and factors which influence the purchase decision process. 5. To know how the company has been successful in encountering the aggressive marketing strategies of competitors. PURPOSE OF COMPARISION The sub main purpose of this report is to compare which product is more customer friendly. The comparison shows that both the companies have been challenging each other to gain market shares. WHY COMPARI SON WITH AIRTEL MONEY : Airtel Money is the leader of telecommunication sector. Airtel Money holds a lion share of communication market. However Nokia Money is also a big brand of handset market and it is giving tough competition to Airtel Money. Since its launch Airtel Money is adopting aggressive marketing strategies.
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4.3 RESEARCH DESIGN AND RESEARCH METHODOLOGY

Achieving accuracy in any research requires a deep study regarding the subject . The prime objective of the project is to compare (Nokia Money) with the existing competitor (Airtel Money) in the market. The research methodology adopted is basically based on primary data via which the most recent and accurate piece of first hand information could be collected. Secondary data has been used to support primary data wherever needed.
TYPE OF RESEARCH METHODOLOGY

Type of research carried out was exploratory in nature, the objective of such research is to determine the approximate area where the drawback of the company lies and also to identify the course of action to solve it. For this purpose the information proved useful for giving right suggestion to the company.
DATA COLLECTION METHOD

THERE ARE TWO TYPE OF METHOD OF DATA COLLECTION: PRIMARY DATA SECONDARY DATA
Primary data was collected using various techniques: Questionnaire method Direct interview method Observation method The main tool used was, the questionnaire method. Further direct interview method, where face-to-face formal interview was taken. Lastly observation method has been continuous with the questionnaire method, as one continuously observes the surrounding environment he works in.
SECONDARY DATA:Secondary data refer to the data that has been already collected. The secondary data , which has been used to carry out this study, are as follows: BOOKS, JOURNALS, MAGAZINES, NEWSPAPERS Gurugram Business School, Nagpur Page 62
INDUSTRY REPORTS COMPANYS INTERNET SITE SOMEOTHER RELEVANT STUDY MATERIAL AND WEBSITES SAMPLE UNIT- Nagpur The research process was done by interacting with number of customers during the activities during the activities performed , which included , markets, cold calling, canopies etc..sample design consist of random sampling.
Sample size- 50 people
METHOD OF COLLECTION OF DATA:Field procedure for gathering primary data included observation and interview schedule in which the questionnaires were filled by the interviewer. Personal interviews through self administered survey was done to collect the data , market research was undertaken , that was accomplished by performing various activities designed.
Research instrument- Questionnaire

The questionnaire was formulated by keeping following points in mind : IDENTIFYING THE NEEDS TO BE KNOWN GIVING THE RESPONDENTS THE CLEAR COMPREHENSION OF THE QUESTION INDUCING THE RESPONDENTS TO COOPERATE GIVING INSTRUCTIONS AS TO WHAT IS NEEDED
Sources of secondary data: INTERNET JOURNALS MAGAZINES NEWSPAPERS NOKIA PRIORTY & NOKIA CARE
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CHAPTER-5
ANALYSIS
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5.1 ANALYSIS OF DATA :-
AGE GROUP
15% 15-21 YEARS 20% 65% 28-35 YEARS 21-28 YEARS
As we can see from the above chart that, people in age group of 21-28 years are the ones who are the maximum users of mobile phones. This segment is the one which gives maximum business to the mobile operators and are more prone to changes. While asking about mobile banking services they were the most eager customers to know as they are the highest prepaid users and liked this product mainly because of recharge. This segment constitutes of young executives, students and other office going people. They were the total 65% who were interviewed. The next age group are the people who are 28-35 yrs old. They are 20% of the total. They are those who are at home or have small business units etc. and the next group is the younger generation i.e. 15-21 old they are school and college going students and carry mobile phones flaunt. They are 15% of total interviewed people.
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OCCUPATION CHART
STUDENTS OTHERS 20% 10% 15% 55% HOUSEHOLD
EXECUTIVES
MARKET SHARE
Sales
5% 20% 30% AIRTEL MONEY NOKIA MONEY SBI MOBI CASH 45% OTHERS
These are the total market share of mobile money services users captured by the mobile money providers. There are two major company in mobile money service sector i.e. NOKIA MONEY & AIRTEL MONEY. Who respectively hold the market share with other company as 45% and 30% of the market user segment of mobile money services.
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CUSTOMER SERVICE AT NOKIA MONEY GRAPH :-
CUSTOMER SATISFACTION LEVEL
CUSTOMER SATISFACTION LEVEL

10% 20%
FULLY SATISFIED PARTIALLY SATISFIED
10%
60%
DISSATISFIED FULLY DISSATISFIED
As the above graph clearly shows that customer service at nokia money seems good as 60% customers are satisfied with the service provided by the nokia care. They are the ones who have maximum share in the market and they are proving it by providing there good services. 10% of people are fully dissatisfied with the customer service of nokia money. Hence it can be concluded that nokia money is providing its best services as maximum no. of customers are fully satisfied with it.
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QUESTIONNAIRE
a. Which brand you prefer most? Airtel money Nokia money Sbi mobi cash Obopay
Column1
44% 30% 20% 6% others
nokia money
airtel money
sbi mobi cash
b. How long you have been using this product? 0-15 days 15-30 days 1 month
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More than 1 month
customer usage in %age

45% 40% 35% 30% 25% 20% 15% 10% 5% 0% 0-15 days 15-30 days 1 month more than 1 month customer usage in %age
c. Are you using product other than nokia money? Yes No customer using product other than nokia money
33%
yes no
67%
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Here are the customer responses about the use of Nokia Money and other product rather than nokia money. In this segment of survey 67% of customers are aspire with nokia money and 33% showed interest in other mobile money services product in urban areas.
d. Do you collect any information search before purchasing nokia money? Yes No
70% 60% 50% 40% 30% 20% 10% 0% YES NO
66% 34%
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5.2 SUMMARY OF FINDINGS

By this survey it is been found that Nokia Money is strongly influencing the market and people. Its services are very good which is attracting more people towards it. This overall survey was totally based on questionnaire basis and a sample of 50 people were taken out of which 60% average customers are using nokia money and is satisfied with the product. By this survey this is also been known that the major mobile users are 21-28 yrs old people and they are more prone to changes and were readily accepting this product for prepaid recharge as they wanted easy recharge and save time. Customer satisfaction level of nokia money is quite high. Customer using product other than nokia money is 33% i.e. this ratio is low. Brand preferred is nokia. As nokia is a well known brand in handsets market. Hence Nokia Money proves its following taglines:-
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Chapter -6
Summary & conclusions
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6.1SUMMARY OF LEARNING EXPERIENCE :I am Nikita Kanaujia, a MBA-II student of Guru gram Business School (20102012 batch). As MBA student I have learn that, without practical knowledge your course is incomplete. If you have practical knowledge, then it is a value addition to your career. So practical knowledge is very important with theoretical knowledge. What I learnt from the organization and from this project report? Day-by-day I gained knowledge from this competition market. Attend meetings very important for gaining knowledge. MTC Meet to the people, Talk to the people, Convince to the p e o p l e , i s i m p o r t a n t f o r marketing. Develop the presentation skills. MAN Money, Authority, Needs, also important in marketing. Handle the customers. New product development. Process of research. Economic activities of an organization. Taste and preferences of customers. Learnt about Mobile Money Services and Mobile Banking. Learnt the entire process from activation to completion i.e. collecting of documents, scanning of documents, submission of documents to the bank, cash ins etc. The thinking level of consumers. The rigidity of customers. Using of agent software through mobile. What are the skills required in a marketing executive? I have learnt all these things by doing the training and making of this project report.
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6.2 CONCLUSIONS AND RECOMMENDATIONS
CONCLUSION For a company to create a leadership atmosphere in a nation where everyday a new competitor will come to light is a very difficult and committed task. W h e n i t comes to marketing strategy and brand awareness used by Nokia M o n e y p a r t i c u l a r l y towards the mobile money services, it is very effective and dependent on one source i.e., direct sales Nowadays dealership marketing is becoming more popular and less risky as compared to the direct selling because in the latter the company will take every risk to attract customers and to maintain the good relationship and loyalty, but in case of dealership this responsibility partly decentralizes among company and dealers. Companies should also concentrate on dealership because it has to send its product to such a place where direct selling is not possible and direct control cannot be done. So it should concentrate on different channels of marketing. Many companies are still concentrating only on upper/upper middle class but not on lower middleclass which can provide a large market if they have a within their reach. In India the importance of Mobile Money is not understood by the people except educated society, so the companies should do everything to fill up this information gap so that it can have a potential market as well as a social satisfaction. More concentration towards after sales service needs to be implemented. The company should have to do its promotions also because most of the people still cannot aware by this service.
Recommendations
The security of the mobile channel is perhaps the greatest impediment to the exponential growth of mobile money services worldwide. Consumer perception is that mobile is not safe for personal financial services.
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All three mobile delivery options -- SMS, mobile Internet, and downloadable applications -- pose security risks. For mobile money services to fulfill their potential, mobile money service providers must find the proper balance of security and convenience for consumers. What are mobile money vendors and mobile money service providers doing to ensure security? This Report details specific actions being taken today by leading mobile money service providers and vendors, and makes recommendations for specific actions that need to be taken to ensure security.
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BIBLIOGRAPHY
WEBSITES
WWW.GOOGLE.COM WWW.MONEY CONTROL.COM WWW.NOKIAMONEY.COM WWW.AIRTELWORLD.COM COMPANY VISIT NOKIA CARE & PRIORTY K.V CORPORATION
BOOKS &MAGAZINES BUSINESS RESEARCH MANAGEMENT INDIA TODAY
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A TRAINING REPORT ON

A COMPARITIVE STUDY OF NOKIA MONEY WITH AIRTEL MONEY

Nikita Kanaujia Regn. No.:1073901750

Gurugram Business School, Nagpur

I wish her all success in life.

(Signature) Mr. Ajay Patole <Faculty & Co0ordinator> <B.E., MBA>

Gurugram Business School, Nagpur

Mr. Nikhil Tajnekar

Gurugram Business School, Nagpur

Gurugram Business School, Nagpur

PROJECT CONTENTS 1 INTRODUCTION 8-22

Profile of Nokia Money

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2.1 2.2 2.3 2.4 2.5 2.6 2.7

DISCUSSIONS ON TRAINING Work Profile Key Learning

ANALYSIS Analysis of Data Summary of Findings

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Mobile Accounting Mobile Brokerage Mobile Financial Information Services

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1.2 MOBILE MONEY INDUSTRY PROFILE

There are four primary models for mobile payments:

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balance on their M-PESA account, again subject to a maximum amount.

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CHAPTER 2: PROFILE OF THE ORGANIZATION

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Organization Organizational Structure

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Gary Singh MD/General Manager

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Shreepad Shende Director - Marketing

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Rahul Singh Director - Sales

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Balachandran Unni Director - Business Development

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Prakash Pai Director - Technical Operations

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Abha Mehta Director - Business Operations

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Shalini Saini Singh Manager HR

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Sripriya Ramachandra Head, Finance and Commercial

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2.6 SERVICE PROFILE OF NOKIA MONEY AND ITS COMPETITORS:-

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