A spokesman for the company said that “The mobile financial services business is not core to Nokia so we plan to exit the business.”
After regional launches Nokia open the India-wide service merely late preceding year and was planning to expand it into some other emerging markets.
Financial services are noticed as one of the major business opportunities in the wireless industry but thus far have become a large business only in Kenya and the Philippines, as tight regulations and the lack of a business model have limited take-up elsewhere.
Telecom operators, banks, credit card companies and technology firms akin to Nokia have been fighting to get a piece of the potentially profitable business.
Nokia is in the midst of overhauls its operations under Chief Executive Stephen Elop, who was hired in Sept 2010 to turn the company round.
The company has shut down mainly of the mobile services launched under previous management and has also cut thousands of jobs as it continues to battle falls in its market share.