YES Bank has chosen Chandigarh as the first city to launch ‘Mobile money services by YES bank' in partnership with Nokia and Obopay India.

According to the service, the customer would be able to transfer money in a secure manner using his mobile phone. The service has been named ‘Mobile money services by YES Bank, powered by Nokia'. It is a step taken to spread financial inclusion in the unbanked areas of India.

A few months back the bank had received RBI approval on the issue. It would enable consumers to transfer money to other individuals, pay utility bills as well as recharge prepaid SIM cards(top-ups) by using their mobile devices.

Also, customers would be able to pay merchants for goods and services through their mobile devices.

Yes Bank, Group-President-Transaction Banking Group, Suresh Sethi said, "The mobile penetration in Chandigarh is about 95 per cent with Rs one lakh per capita income, so it holds tremendous potential for implementation of new and innovative technology cutting edge technology services.

This initiative will provide consumers in the city with greater ‘Anytime Anywhere' convenience and will be significant milestone on the path of financial inclusion. This service would eliminate dependence on the physical presence of a branch or availability of internet banking services and will successfully ride on the deep penetration of mobile services in the region."

Nokia will also extend its widespread retail channel of over 52 retail and care outlets in the city.