Nokia plans to launch Mobile ‘Banking’ Service

Technology.am (Aug. 27, 2009) — Nokia plans to launch a service “Nokia Money,” enabling people to make financial transactions with their cell phones. This service will be operated in cooperation with mobile payment company Obopay and available 24 hours a day.

mobile-bankingThe “Nokia Money” a financial payment service that allows you to send money to another person, pay for goods, services and bills, and recharge their prepaid SIM cards by using their handset.

The new financial transactions service will especially benefit customers in rural areas since it works globally.

The Nokia financial service will enable urban consumers to use online services, such as payment of utility bills, purchase of train and movie tickets, top-ups, all through their mobile phones.

Nokia said it was building up a large network of Nokia Money agents where consumers can deposit money or withdraw cash from their mobile accounts.

Nokia says that while there are 4 billion mobile phone accounts, globally there are only 1.6 million bank accounts. It hopes to fill that gap.

The service will be rolled out from early 2010.

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