Nokia Enters Increasingly Crowded Mobile Money Market

Teams with Obopay targets unbanked people in developing countries.

Nokia is getting ready to launch Nokia Money, which will offer basic financial services on mobile phones, it said on Wednesday.

It will enable consumers to send money, pay for goods, services and bills, and recharge their prepaid SIM cards, according to Nokia.

Some Nokia phones will have the necessary client pre-installed, but users will also be able download and install the client on Nokia phones and devices from other vendors, said to Nokia spokesman Mark Durrant.

It is also building a network of agents, where consumers will be able to deposit or withdraw cash from their accounts.

Nokia has previously been a proponent of using NFC (Near Field Communication) -- a wireless communication technology with a range of a few inches -- for contactless payments.

Nokia Money lets users send funds to another person just by using their mobile phone number. It can also be used to buy goods and services from merchants, pay utility bills and top up pre-paid SIM cards.

Read More at PC World

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