Nokia lets you send money via your mobile

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Nokia World 09.jpgNokia is to launch Nokia Money, a new financial service that will enable mobile owners access to basic financial services. By making a voice call or sending an SMS you will be able to send money to another person just by using their mobile phone number. You will also be able to pay merchants for goods and services, pay utility bills, or recharge prepaid SIM cards (SIM top-up). The services can be accessed 24 hours a day from anywhere.

Says Mary McDowell, EVP and Chief Development Officer, Nokia:

“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 operated in conjunction with Obopay (a company which Nokia invested in earlier this year) and the service will be based on Obopay’s mobile payment platform.

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 2010.

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