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Nokia Launches Pay-By-Phone Service

Posted by samzenpus on from the easy-financing dept.

adeelarshad82 writes "The world's top mobile phone maker, Nokia, said it would launch a mobile financial service next year targeting consumers, mainly in emerging markets, with a phone but no banking account. Nokia's Money service was based on the mobile payment platform of Obopay, a privately-owned firm that Nokia invested in earlier this year, and it is now building up a network of agents. Obopay, which uses text messaging and mobile Internet access, charges users a fee to send money or to top up their accounts."

6 of 34 comments (clear)

  1. O2 just started doing this in the UK by duguk · · Score: 4, Informative

    Oh you mean in a similar way that O2 (a UK mobile company) started doing in the UK recently with their Cash Manager card?

    O2 Cash Manager - "You load money onto the card, (using your phone or other methods) then whenever you use it you'll receive a free real time text alert. This will tell how much money you've loaded, spent or withdrawn, and how much you've got left. Simple."

    1. Re:O2 just started doing this in the UK by stoolpigeon · · Score: 3, Informative

      A person has a phone - they pay for minutes on the sim card. Those minutes have some value. That value can be transferred to another phone. People move money around and the phone company is essentially their bank. There are also endpoints where cash can be had, but in many places this isn't necessary as the money just moves around between phones.

      --
      It's hard to believe that's how Micronians are made. Why don't we see it right now by having you both kiss one another?
    2. Re:O2 just started doing this in the UK by jaiyen · · Score: 4, Informative

      Here in Thailand, a similar system works by phone users purchasing top-up cards at 7-11's, supermarkets or general stores. Once you've got the credit on your phone, you can make a payment by sending a specially formatted text message. The stores selling top-up cards are everywhere, and no credit cards or bank accounts are needed.

  2. Re:Where is the need for a mobile phone? by natehoy · · Score: 2, Informative

    Need? Who said anything about need? Look at the title again - "Nokia is launching..."

    This is being launched on a phone because it's being launched by a company that makes phones.

    Sure, this could all be done with a credit card and an RFID chip, but then Nokia wouldn't be launching it, would they? :)

    Nokia wants your phone to be your phone, your Internet connection and email client, your camera, and now your wallet. The more functions they can put on a phone and have them generally accepted, the more people will need to carry them, and if this payment system is exclusive to Nokia phones you're more likely to buy one.

    --
    "This post contains words, known to the State of California to cause thought. Wash brain thoroughly after reading."
  3. preinstalled TLS/SSL certificates by S3D · · Score: 2, Informative

    security practices in GSM networks were below standards

    If proper certificates preinstalled on the phone and bank server by phone manufacturer, public key crypto shouldn't be vulnerable to man in the middle, and insecurity of GSM wouldn't matter. Nokia is exactly in position to do it.

  4. heard this service since 2004 by CALI-BANG · · Score: 2, Informative

    .. here in Philippines.

    I believed this service is far more successful in third world country. In some place there's no paypal or even
    the concept of wire transfer is quite alien to them. it's easier to send money through sms than going to the
    bank and depositing money to someone's account.