Nokia Money Will Make It Easy To Make Purchases with a Phone

Nokia has announced Nokia Money, a mobile financial service that will offer consumers with mobile devices access to basic financial services.

It will 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). 

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

The service will be operated in cooperation with Obopay, which specializes in developing global mobile payment solutions, which Nokia invested in earlier this year.

"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.

The Nokia Money service will be shown for the first time at Nokia World in early September 2009 in Stuttgart, Germany, and it is planned to be rolled out gradually to selected markets, beginning in early 2010.

Source: Nokia