Nokia has announced a new service called ‘Nokia Money’
– a service that allows
users to transfer money to other people, using only their mobile numbers
– in partnership with Obopay.
The manufacturer is hoping to build up a network of
Nokia Money agents where customers can deposit money or withdraw cash from their
accounts, after buying a stake in
Obopay several months ago. Customers can also use the service to
make payments for utility bills and to top-up Sim cards with credit.
Nokia EVP and Chief Development Officer, Mary McDowell,
said: ‘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.’
The Nokia Money service will be shown for the first time
at Nokia World on the 2nd and 3rd of September 2009 in Stuttgart, Germany, and
it is planned to be rolled out gradually to selected markets, beginning in early