Nokia Money: defying the Finnish banks with mobile payment service

Meanwhile the democratization of mobile compatible with NFC, to use a phone as a ticket or a credit card, Nokia has announced the launch of its first financial service on mobile: Nokia Money. His goal? make micro payments from his phone as simply as sending an SMS. For Nokia from a simple observation. If it is 4 billion mobile users who are identified in the world, they are only 1.6 billion of bank accounts that are open. Nokia has therefore "allow for many for the first time, use of financial services" through their mobile, the Finn said in a press release.
Several services will be offered, the exchange of money between users via their mobile phone the ability to purchase goods or services from traditional shops. It should also be possible to pay bills or recharge of prepaid cards. Thereby competing directly with banks, Nokia said to be currently "creating a vast network of agents Nokia Money, where consumers can deposit their money or transfer funds from other accounts.
"We believe that financial services on mobiles are a significant growth opportunity over the long term. In many countries, mobile users outnumber the number of bank accounts, suggesting that they have very limited access or no access at all to financial services, "said Mary McDowell, head platform from Nokia.
Interestingly, Nokia does not limit its service "Nokia Money" only to emerging markets. The firm will target both urban and rural. "The rural consumers will benefit any particular transfer services of money when the city will use online services with an opportunity to simply pay their bill, tickets or train tickets for shows," says he .
Note that Nokia will launch its service by leveraging the platform's electronic payment Obopay, a society in which the Finns have invested no less than $ 70 million earlier this year. Qualcomm, Citigroup, Societe Generale, Alliance Bernstein, Redpoint Ventures, Richmond Management, Essar Communications Holdings, Onset Ventures, Olayan and Promethean are also shareholders of the company. "Nokia Money" will be available from early 2010 in some countries. The question is whether Nokia plans to use this offer to monetize its own mobile service Ovi. Following this announcement, the price of Nokia shares has increased by nearly 3.50% on the Amsterdam stock exchange.
Nokia India: micro finance mobile mobile payment? Along with the announcement of "Money Nokia, the world leader in mobile also want to provide specified services for micro financing for the purchase of a mobile in 12 cities of India. Nokia has also completed an experiment that took place in 2500 villages in Andhra Pradesh and Karnataka in India. The objective was to propose moving to 100 rupees (the equivalent of $ 2) per week for 25 weeks. India has 427 million mobile users. The question is whether the two projects can co exist in providing mobile low cost and on credit and then allowing local people to make payments from them.