Nokia Money extends financial services to developing markets

Nokia announced the launch of Nokia Money, a new mobile financial service promising users in emerging markets access to basic transactions including person-to-person transfers, merchant and utility service payments and prepaid SIM card top-ups. According to Nokia, there are now 4 billion mobile phones worldwide, but just 1.6 billion bank accounts--the handset giant will attempt to narrow the gap by offering 24/7/365 access to mobile banking services, noting that Nokia Money will operate across different carrier networks and most mobile devices. In addition, Nokia will build out a network of Nokia Money agents where consumers can deposit or withdraw cash from their accounts.

Nokia will operate the service in partnership with mobile payment solutions provider Obopay, in which it invested $70 million earlier this year. Nokia Money will make its public debut at the Nokia World event taking place in Stuttgart next week, and will gradually roll out in select markets beginning in early 2010.

For more on Nokia Money:
- read this release

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