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Nokia Announces Easy-to-use Financial Service

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ESPOO, Finland – Nokia has announced a new service – Nokia Money – which will make it possible for users to manage their finances directly from the mobile phone.

The service will allow users to transfer money to  another mobile phone number (i.e. to another person)   to pay bills and to pay for other services. Nokia will also build a network of Nokia Money agents where users can deposit cash to or withdraw cash from their Nokia Money account.

The service will be based on a mobile payment platform developed by Obopay. The latter was founded in 2005 by Carol Realini, who thought of the idea while conducting volunteer work in Africa and noting that many people carried mobile phones even though they didn’t have wallets or bank accounts. Nokia invested in Obopay earlier this year and also has a minority stake in the company.

The Finnish giant has stressed that the service will be open and possible to integrate with other financial services. Many experts believe that in order to succeed with a mobile financial service, this is actually a pre-requisite since different markets require different partnerships regarding banks and mobile operators.

Nokia Money is expected to be available in select markets at the beginning of 2010.  The service will be showcased at the upcoming Nokia World, starting September 2.

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By , Nokia-affairs Correspondent on Sep 1st, 2009 GMT +2

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