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.
See the stories that matter in your inbox every morning