Nokia has launched Nokia Money, a new mobile financial service offering consumers with mobile device access to basic financial services. The Nokia Money service will operate in co-operation with Obopay and be based on Obopay’s mobile payment platform. It will be rolled out gradually to selected markets, beginning in early 2010.
Nokia Money has been designed to be as simple and convenient as making a voice call or sending an SMS. It will enable consumers to send money to another person 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. The services can be accessed 24 hours a day from anywhere, meaning savings in travel costs and time. Nokia is building a wide network of Nokia Money agents, where consumers can deposit money in 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 four 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, executive vice president and chief development officer, Nokia.
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