Nokia Money may be one of the most compelling Nokia services ever

A major focus of Nokia these past couple of years has been about expanding services and I have to say that today’s announcement of Nokia Money may actually be one of the biggest and far reaching yet. While most of us in the US have bank accounts (required for most jobs) Nokia reports there are 4 billion mobile phone users and 1.6 billion bank accounts worldwide. While one can’t say that all of these mobile phone users want a bank account, it is probably safe to say there are millions of people who would like access to or need basic financial services.

Nokia Money will start rolling out in early 2010 and will allow people to send money to another person just by using that person’s mobile phone number. The Nokia Money user will also be able to pay merchants, pay utility bills, recharge their SIM card, pay for movies and services, and more. Unlike a bank, the service is available 24 hours a day. There will also be physical Nokia Money agents where users can deposit money or withdraw cash if necessary. Is this a service that will further the cashless society?

As stated by Teppo Paavola, VP and Head of Corporate Businesss Development,

Rural consumers will particularly benefit from money transfers and, 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. Nokia Money is simple to use, secure and available across different operator networks and on virtually any mobile phone. This means millions of new consumers will soon be able to manage all their financial needs from their mobile phone.

You don’t need to be using a Nokia phone to use Nokia Money either so it should reach across all carriers and devices. Nokia Money will be shown at Nokia World next week.

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5 Comments to Nokia Money may be one of the most compelling Nokia services ever

Tim B
August 26, 2009

Nokia is having trouble building a decent app store and now they want me to trust them with my financial accounts? It’ll be a cold day in hell.

Hobbes
August 26, 2009

Just as Tim B said, if Nokia can’t get a Ovi app store working, has been unable to align a strategy between phones and services (something they’re familiar with), how exactly are we to trust them to start a brand new business model let alone believe they’ll get a permit from local banking regulation anytime soon

Simony
August 27, 2009

This could be big – really big – in developing countries (assuming Nokia gets the fee structure right). It will be interesting to see how they deal with security issues, eg, if somebody’s cell is stolen, can the thief use it to access the owner’s money?

[…] Nokia Money to bring banking to millions […]

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