Nokia To Debut Mobile Payment Service Called Money

Finnish mobile phone giant Nokia has announced to venture into mobile financial services domain with the launch of a new service, dubbed as “Nokia Money”, in a bid to reap benefits of the rapidly growing “mobile phone wallet” market.

The service will take the hassles out from a range of financial activities, including banking and making payments for bills. It will further help consumers to send money to their friend and family, pay for goods and services, and even recharge their prepaid mobile numbers - all by simply using their handsets.

Slated for the launch early next year, more details on this new service from Nokia will be released at the Nokia World next week. The company believes that the service will be a huge success in the US and in other emerging economies where people aren’t properly being served by banks and financial outlets.

Touting use of the service in helping consumers to access financial services with ease, Nokia’s chief development officer Mary McDowell said, “In many countries, mobile phone ownership significantly exceeds bank account usage, suggesting that many mobile phone users have very limited or no access to basic financial services”.

Nokia will also join forces with Obopay, a mobile payment service that enables customers to pay for various goods and services using their mobile phones. Nokia invested a whopping $70 million in Obopay earlier his year.

Our Comments

Nokia is looking to rival Paypal and other such payment services that are starting to become popular. It is an interesting idea but one which cannot be executed without the involvement of mobile phone operators who are likely to ask for a slice of the profits.

Related Links

Nokia banks on cash transfer biz

(The Register)

Nokia unveils new mobile financial service

(CNet)

Nokia set to move into mobile payments market

(Financial Times)

Nokia announces mobile finance service Nokia Money

(Associated Press)

Nokia Enters Increasingly Crowded Mobile Money Market

(PC World)

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