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  Nokia plans to launch its mobile financial services

Friday, August 28th, 2009 | In News & The Events | Tags: ,

Nokia Corporation is the world’s largest manufacturer of mobile telephones. Nokia is intended to revolution the world of banking through its new service called as “Nokia Money”. According to the press release from Nokia, this is new financial service that offering consumers with mobile device access to basic financial services.

The purposes of this service are to simplify the sophisticated way on payment, send money, receive money and manage your money by simply make a voice call or sending a SMS. Through this service, consumers can send money to another person by just using the person’s mobile number; pay merchants for goods and services; pay their utility bills and so on. This service can be accessed 24 hours a days and accessible from any places where there have signals.

Nokia is also building a wide network of “Nokia Money” agents, so that consumers can deposit money in or withdraw cash from their accounts. Significantly, mobile financial services are offer the large market opportunity with long term growth potential because in many countries, mobile phone users (approximately 4 billions) are exceeds bank account usage (approximately 1.6 billion). Users need to pay 25 cents to send money up to $1000 and receiving a payment is free of charge.
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