Nokia Launches Pay-By-Phone Service

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."

Comments

O2 just started doing this in the UK

[duguk]

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 This will tell how much money you've loaded, spent or withdrawn, and how much you've got left.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."

Re:O2 just started doing this in the UK

[stoolpigeon]

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.

Re:O2 just started doing this in the UK

[jaiyen]

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.