Public sector lender, Union Bank of India has joined with Nokia and Obopay to launch mobile payment service in India. The service called ‘Union Bank Money' will be launched for customer usage soon.

Using this service, people who do not have bank accounts will be able to avail banking facilities through their mobile phones.

The service will facilitate customers in to store their money safely, send and receive money to different places without having to depend on intermediaries.

Customers can also use Union Bank Money to withdraw money from ATMs of the bank. Nokia is also harboring plans to preinstall this application in Nokia mobiles.

M.V. Nair, Chairman and Managing Director, Union Bank of India, said, "We at Union Bank of India have always believed that technology is a great enabler for banking services and this partnership is our step in the same direction. We are one of the pioneers and leaders in the banking industry to commit to the cause of financial inclusion for all; by launch of Union Bank Money service using the widespread mobile network is once again a formidable step taken by us towards greater financial inclusion. Once the roll-out is complete in 12-18 months, ‘Union Bank Money' will be the single largest network in India to provide mobile financial services to consumers in urban as well as penetrate rural areas to tap the unbanked populous".

Deepak Chandnani, President, Obopay INC., said, "Our partnership with Union Bank of India solidifies our commitment to further the cause of financial inclusion by building an entire eco-system which will enable mobile transactions on a large scale. Real time person-to-person transactions will help individuals to transfer money across the country and the service will also facilitate paying merchants, utility providers, telecom companies and even charity. Our interoperable technology will enable the users to use mobile payments in a secure way through any network, device and operator. Our partnership with Nokia makes this offering to the ultimate consumer even more powerful and accessible".

Teppo Paavola, Vice President, Nokia Corporation, said, "Building an open ecosystem with key partners is the basis to enable mobile money. Such a cross industry cooperation allows connecting unbanked and banked people, bringing financial inclusion that empowers people to run their business and lives in a better way. It also brings down the borders generated by the limitations of cash."