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Nokia looking to get in the money

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August 27, 2009

The new Nokia Money service makes a grab for cash

The new Nokia Money service makes a grab for cash

Nokia’s new Nokia Money service will let users send money, pay for products, recharge prepaid SIM cards and pay utility bills just by using the payee’s mobile phone number. Designed to be as simple as making a phone call or sending an SMS, the Nokia Money services will be accessible 24 hours a day anywhere there is mobile phone coverage.

Based on a mobile payment platform developed by Obopay, which Nokia invested in earlier this year, Nokia claims the service is simple to use, secure and won’t be limited to Nokia mobile phones. Instead it will be available across different operator networks on virtually any mobile phone. The service should be open and inter-operable with other payment services as well.

To facilitate the service, Nokia plans to build a network of Nokia Money agents, where people can deposit money or withdraw cash from their accounts. Aside from mobile payments, Nokia says it will also provide users access to basic financial management services.

"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. With more than 4 billion mobile phone users and only 1.6 billion bank accounts, global demand for access to financial services presents a strong opportunity to combine mobile devices with simple but powerful financial services such as Nokia Money", said Mary McDowell, EVP and Chief Development Officer, Nokia.

Either that or it's an indication many people don’t have any money left after paying their mobile phone bill.

Nokia will be showing the Nokia Money service for the first time at Nokia World in September. It plans to roll out the service gradually to selected markets from early 2010.

About the Author
Darren Quick Darren's love of technology started in primary school with a Nintendo Game & Watch Donkey Kong (still functioning) and a Commodore VIC 20 computer (not still functioning). In high school he upgraded to a 286 PC, and he's been following Moore's law ever since. This love of technology continued through a number of university courses and crappy jobs until 2008, when his interests found a home at Gizmag.   All articles by Darren Quick
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