Financial inclusion facilitating firm Fino has acquired Nokia Mobile Payment Services in India, to foray into prepaid mobile payment space. With this acquisition, the brand name has been changed to Takatak Money and the new entity being formed to offer the service is called Alpha Payment Services India Private Limited.Nokia was planning to exit its financial services in India to move out of non-core areas. The acquisition will give an opportunity for Fino, which has a network of banking correspondents spread across the country, to enter the mobile payments business, which is said to be a $350 billion opportunity by 2015.
"We were limited only to the banking and financial services space till now wherein we helped operate bank accounts, sold insurance and facilitated remittances, this deal gives us an entry into the expenditure side," Manish Khera, Chief Executive, Fino has said.
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