Fino buys Nokia's mobile payment services business in India
Added On:6/28/2012 11:56:00 AM
According to a latest update, financial inclusion facilitating firm Fino has acquired Finnish handset-maker Nokia's mobile payment services business in the country. If reports are to be believed, Fino has bought Alpha Payment Services which was earlier called as Nokia Mobile Payment Services.
Insiders informed, the latest deal is going to an all cash deal. However, none of the firms have disclosed the financial terms.
It is believed, the latest buyout will help Fino to enter the prepaid mobile payments segment in India. Fino will now focus on prepaid payment service offerings, such as money transfer, utility bill payment, mobile and DTH recharge, etc., under the brand Takatak Money.
Founded in 2006 , Fino is primarily into offering business correspondence services to banks to carry forward the government and Reserve Bank-mandated financial inclusion agendas. Fino has a strong network of business correspondents spread across the country.
Presently, FINO is offering its services to over 50 million customers and is very deep rooted in India covering over 50,000 villages.
Explaining the importance of this acquisition, Manish Khera, CEO at Fino has shared his views that the latest acquisition will offer an opportunity to Fino to further expand its footprints into mobile payment business in India. The deal will add value to Fino’s comprehensive range of financial services products, therefore enhance shareholders’ value.
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