Nokia Money – Your Mobile will turn into a Wallet

Nokia has announced Nokia Money, a mobile financial service that enables financial management and payments from/to a mobile phone.

In association with Obopay (Nokia has invested in obopay), Nokia enable consumers to send money to another person just by using the person’s mobile phone number, as
well as to pay merchants for goods and services, pay their utility bills, or recharge their prepaid SIM cards (SIM top-up).

Nokia has invested in Obopay earlier and mobile payment launch is part of the Nokia’s ambition to tap into larger piece of your wallet.

As part of Nokia Money launch, Nokia is building a wide network of Nokia Money agents, where consumers can deposit money in or withdraw cash from their accounts.

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.

Interesting to note that Nokia, even though it’s not as popular in US (as in other parts of the world) has partnered with Obopay, which has a successful business model in US, but is figuring out the right product mix in emerging market (read: Interview with Obopay COO on India Strategy).

The service will have a strong rural focus and will be launched in selected markets in early 2010.

Mobile Payment: Roundup of What’s happening in India:

Add comment

NextBigWhat brings you curated insights and wisdom on product and growth from the wild web.

Over 2 million people receive our weekly curated insights.

Newsletter

Newsletter