Nokia, the cellular giant has ventured into providing mobile financial services with the name of “Nokia Money” allowing users to manage their accounts through their cell phones. Nokia reports that there are 4 billion mobile users and only 1.6 billion bank accounts worldwide, so this service definitely brings a perfect option for those without a bank account.It will let you send and receive money through a text message or call, allow you to pay utility bills, recharge your SIM cards, even pay for movie tickets and facilitate all your financial transactions with ease as this service will be available 24 hours on your cell phone. This service will be working some what like Paypal, where you initially make your account and then retrieve it. Nokia Money provides a secure method of transaction with password and heavy encryption and keeps you constantly updated about your account information.
It will be based on Obopay platform, which is the existing cell phone payment system globally. The service will be operative in the mid of 2010.
In an extremely belligerent competition among top notch names like Apple, Google and RIM, Nokia is struggling to accomplish the same position in market. Launch of Nokia Money can prove to be favorable for the company in terms of revenue as well as regaining the innovative and novel image of Nokia.
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