Nokia Money – Mobile Banking Service from Nokia

Posted by admin on August 29, 2009 in category: Business, nokia

World’s largest handset maker Nokia has announced a mobile financial service called Nokia Money, which will allow you to send money to another person just by using their cell phone number. It will also allow you to pay merchants for goods and services, pay your utility bills, or recharge your prepaid SIM cards (SIM top-up).

The service can be accessed via a voice call or SMS and will be accessed 24 hours a day from anywhere, meaning savings in travel costs and time. Nokia will also build a network of Nokia Money agents where you can deposit or withdraw cash from your accounts.

The Nokia Money service will be operated in cooperation with Obopay, a leader in developing global mobile payment solutions, which Nokia invested in earlier this year. The service is based on Obopay’s mobile payment platform, with unique and newly developed mobile elements. Nokia intends the service to be open and interoperable with other payment services as well.

How it works

• Create Nokia Money account
• Verify your mobile number
• Add money to your account – Use your bank account, credit card, debit card, direct deposit
• Send money to anyone – in seconds
• Receive money from others
• Withdraw money – Move money from your account to your bank account

“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 Mary McDowell, EVP and Chief Development Officer, Nokia.

The service will be shown for the first time at Nokia World on the 2nd and 3rd of September 2009 in Stuttgart, Germany, and is planned to be rolled out gradually to selected markets, beginning in early 2010.