Finland-based handset maker, Nokia is planning to close down its financial services, `Nokia Money' in India and has shelved its plans to expand the service in other markets.

Nokia is streamlining its focus on devices and location-based services. The company said that more than 100,000 customers in the India who are using the service will be given enough time to exhaust their balances in their accounts, close accounts or move to other service providers for a similar service.

The Nokia Money platform allows users to pay bills, pay to retailers and transmit money thorough mobile phones with or even without a bank account. Nokia had launched the service in regional areas and then launched India wide services

"The mobile financial services business is not core to Nokia so we plan to exit the business," the company said in a statement.

Nokia has launched its service in collaboration with private sector lender, YES Bank and state-run, Union Bank of India. A spokesman for YES said that Nokia is planning a planned exit from the service.

Chief Executive Stephen Elop, which was appointed in September 2010 to turn around the company, is implementing changes in the company and focusing on devices and location-based services.