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

Re:GSM Security?

[gsgriffin]

Spoken like someone who has never actually touched one of the 4 billion people on our planet that have no bank account, credit card, or anything other than a cell phone and cash. You can travel in a lot of the world and find no land phones or banks, but a cell phone tower and everyone with a cheap phones. Developing this technology helps most of the world, but may not impact you at all. You're in the minority of people who may not benefit from this.