Nokia to Launch Mobile Financial Service

vIndianz.com (Aug. 27, 2009) — Nokia announced to launch ‘Nokia Money’, a new mobile financial service enabling people to make financial transactions with their mobile phones and will operate across different carrier networks and most mobile devices.

“Rural consumers will particularly benefit from money transfers and,

for urban consumers used to online services, such as payment of utility bills, purchase of train and movie tickets, recharge their prepaid SIM cards, all through their mobile phones,” said Teppo Paavola, VP and Head of Corporate Business Development, Nokia.

Nokia said there are 4 billion mobile phones users globally, but just 1.6 billion users having bank accounts—the company wants to narrow the gap by offering 24/7/365 access to mobile banking services.

In addition, Nokia will build out a network of Nokia Money agents where consumers can deposit or withdraw cash from their accounts.

Nokia will operate the service in partnership with mobile payment solutions provider Obopay.

The Nokia Money service will roll out in select markets beginning in early 2010.

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