Besides busy making innovative mobile devices, the world’s leading maker of mobile devices, Nokia has recently introduced a new mobile financial service that enables consumers to access basic financial services with their mobile device, named as Nokia Money.
With Nokia Money, the consumers able to send money to other person by just using the recipient mobile phone number, pay merchants for goods or services, pay utility bills or recharge their prepaid SIM cards. The Nokia Money has been designed to be simple and convenient like making a voice call or sending an SMS. In addition, Nokia also will build a wide network of Nokia Money agents where consumers can deposit or withdraw cash from their accounts.
“We believe mobile financial services offer a market opportunity with long term growth potential. 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 by Mary McDowell, EVP and Chief Development Officer, Nokia.
“Obopay shares Nokia’s vision for bringing mobile financial services to millions of people worldwide. We’re excited that Nokia has chosen Obopay’s platform. Nokia’s leading market position, strong brand recognition and global distribution channel, using the Obopay platform with uniquely developed mobile elements, means the Nokia Money service is well positioned to bring the next generation of mobile payment services to the world,” said by Carol Realini, Founder and CEO of Obopay.
The Nokia Money service is based on Obopay’s mobile payment platform with unique and newly developed mobile elements. However, the Nokia Money is expected to show at Nokia World on the 2nd and 3rd of September 2009 in Stuttgart, Germany and is planned to be rolled out gradually in selected markets by beginning next year.