By Allen Tsai | Wed Aug 26, 2009 6:44 am |
Nokia is launching "Nokia Money," a financial payment service for mobile phones that allows users to send money to another person, make a purchase or pay a bill using their handset.
The Finnish company said the new service will particularly benefit customers in rural areas and emerging economies -- since it works anywhere in the world and saves travel costs."For urban consumers used to online services, we are enabling services such as payment of utility bills, purchase of train and movie tickets, top-ups, all through their mobile phones," said Teppo Paavola, Nokia's Head of Corporate Business Development. "Nokia Money is simple to use, secure and available across different operator networks and on virtually any mobile phone." The service will operate on the back of Obopay, a privately-owned mobile financial service company that Nokia invested in earlier this year. Nokia's movie into financial services comes as it deals with declining handset prices and increased competition from Apple's iPhone and Research In Motion's BlackBerry and Google's Android devices. Last quarter, the struggling handset maker reported a 66 percent drop in net profit from a year earlier. Earlier this week, it said it will begin selling netbook. Last month, the company reached a deal with Microsoft to port Office to its handsets. Nokia Money will be gradually rolled out starting early 2010.
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