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Nokia announced the launch of Nokia Money, a financial service designed for making easy payments. The users can pay bills and send money to others just by typing in that person's cell phone number.
The service will be a great help to people in US and in places with inaccessibility to banks and other financial outlets.
Nokia's chief development officer, Mary McDowell said, "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.”
Nokia VP and head of corporate business development, Teppo Paavola said ,"Rural consumers will particularly benefit from money transfers and, for urban consumers used to online services, we are enabling services such as payment of utility bills, purchase of train and movie tickets, top-ups, all through their mobile phones.”
Nokia Money will collaborate with Obopay for this service. Obopay is a mobile-payment provider that lets its customers pay for items via their mobile phones. Nokia made heavy investments in this company earlier this year.
The operation of this service will be possible with different networks and financial institutions. It can also work with any cell phone, not just Nokia models.
The demo of the new service will take place at Nokia World in Germany next week. Nokia Money will gradually roll out to selected markets by next year.
