Nokia to shut down their Mobile Money business including the Nokia Money, according to a report by The Hindu. Nokia announced the Nokia Money in 2009 and launched it in partnership with YES Bank in 2010. Later they launched it with Union Bank in 2011. They launched the Nokia Money service across India in December 2011 which is said to have 2 lakh subscribers in total with 1.2 million subscribers across all 3 platforms.
There are no exact deadline but according to The Hindu, Nokia will continue the service for 3 to 4 months for the customers to use the money and will also refund the registration fee collected from the subscribers. The YES Bank and Union Bank services would not be affected due to this and the banks might take over the platform.