Nokia has announced Nokia Money, a mobile financial service that enables financial management and payments from/to a mobile phone.
In association with Obopay (Nokia has invested in obopay), Nokia enable consumers to send money to another person just by using the person’s mobile phone number, as
well as to pay merchants for goods and services, pay their utility bills, or recharge their prepaid SIM cards (SIM top-up).
Nokia has invested in Obopay earlier and mobile payment launch is part of the Nokia’s ambition to tap into larger piece of your wallet.
As part of Nokia Money launch, Nokia is building a wide network of Nokia Money agents, where consumers can deposit money in or withdraw cash from their accounts.
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.
Interesting to note that Nokia, even though it’s not as popular in US (as in other parts of the world) has partnered with Obopay, which has a successful business model in US, but is figuring out the right product mix in emerging market (read: Interview with Obopay COO on India Strategy).
The service will have a strong rural focus and will be launched in selected markets in early 2010.
Mobile Payment: Roundup of What’s happening in India:
- CashNxt – Your Mobile is the ATM
- mChek showcases Contactless Payment (works without NFC)
- Airtel launches m-commerce apps – send money to family/friends from your mobile
- Pay your shopping bill by swiping your mobile phone
- Airtel launches mobile money transfer
- Mobile Payment in India – Ringing bells
Related Articles
- Nokia OVI – Nokia is now an “Internet services” company and no more a mobile manufacturer
- Airtel launches m-commerce apps – send money to family/friends from your mobile
- Obopay India to launch mobile payment service
- Obopay and Tagit team up for common mobile banking infrastructure
- “The competition is not with credit cards but with cash” – CIO, Obopay India
About the author - Ashish Sinha is a Startup Mentor/Product Strategy Coach, and the founder/chief editor of pluGGd.in.
He has launched/managed couple of products (consumer as well as enterprise) in US and India, and now consults with startups/small businesses on their product/media strategy. He can be reached at: ashish (at) pluGGd.in [+91 98452 06443]2 Responses to "Nokia Money – Your Mobile will turn into a Wallet"
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Does any one understand …. how this is different from mchek or ngpay? Not the aspect of Nokia planning to embed it … but technically or from a end-user experience perspective?
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