Nokia Money - Coming Soon To A Cell Phone Near You


It seems Nokia is managing to stay in the news this week - first with news of the release of their new Booklet 3G, and now Nokia plans on introducing new service - called 'Nokia Money'.

Simply put, Nokia Money is all about sending and receiving payments, using nothing but your mobile phone. The giant cell phone manufacturer will be offering Nokia Money in cooperation with Obopay. Obopay specializes in mobile payment solutions and is currently available in the US and India.

According to the company, Nokia Money will be easy to use, available on just about any phone, and across different operator networks, which makes it easy for millions of consumers to be able to use the service and manage much of their financial needs from their mobile phones.

Nokia also intends for the service to work with other similar payment services as well.

Mary McDowell who is the Chief development officer of Nokia, reported that there is a huge gap in the market, with approximately 4 billion mobile phone users globally, and only 1,6 billion bank accounts. That means there are currently more than twice as many cell phone users as bank accounts worldwide.

As with all new technology, Nokia and Obopay are through their collaboration, making it easier for transactions to take place between people. I suppose one can look at this service as a type of debit card, much like a Visa or Mastercard, but just in the form of a mobile phone. It works by allowing one person to send money to another by simply texting, or sms, or even just using the recipient's cell number.

Obopay is currently available in India and the US, and users can make payment through the service from their bank account or credit cards, while people currently without bank accounts can prepay funds into an Obopay account. In addition to sending money to people, users will also be able to pay merchants for goods and services.

The service is planned to be rolled out gradually over a period of time, starting in early 2010, and will be showcased for the first time in Stuttgart, Germany on 2 and 3 September 2009.

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