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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."

3 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 This will tell how much money you've loaded, spent or withdrawn, and how much you've got left.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: 4, Interesting

      It's been going on in Africa for quite a while. It sounds like they are just investing more in owning the full process so they can make more profit from what is already going on and will surely be growing. The cell phone companies in much of Africa have essentially become the banks for many people, and of course the vast majority of phones you will find there are Nokia phones.
       
      I was in a meeting last friday with a guy from a communications lab at the University of Central Florida. He is working on distance learning with smart phones. I think we may be doing a test study with them in Kenya next year. We were primarily focused on the education software part of it, but much of the discussion also dealt with microloans and transferring of funds via this method. We would like what we do to be self sustaining. It's really some very exciting stuff I think, but I may be a bit biased.
       
      Not directly related to the article - but they are using Android as their primary platform. I'm stoked about that too because I think Android is going to be huge down the road.

      --
      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.