Nokia designs phone-based financial app
Handheld cash machines?
Nokia has realised that there’s money to be had in… er… money, so has announced that it will launch a mobile phoned-based financial service.
Unimaginatively called Nokia Money, the service will enable you to send money to someone else using their mobile number. You'll also be able to buy goods and services, pay utility bills and recharge pre-paid SIM cards using the service, Nokia added.
The Finnish phone firm is keeping mum about Nokia Money’s full feature set until the Nokia World event next week, but you won’t be surprised to learn that many of the service’s features will be based on technology currently used by money transfer firm Obopay, which Nokia recently invested in.
Obopay works by linking bank accounts to mobile phone numbers. So, tell the service to credit 07904531089 with £20 and it will automatically deposit the sum into the bank account linked with that telephone number.
It’s reasonable to assume that Nokia Money will be rolled out as a downloadable application through the firm’s online Ovi store. The service will operate 24 hours a day, Nokia added.
Nokia is currently building a network of agents willing and able to work with the service. Nokia Money will begin operating early next year. ®
Since the account is attached to your phone, what happens when someone steals your phone??
One thing that is immediately raised in my mind is what role the various tax authorities will play with regard to Nokia/Obo and similar schemes. Aside from the tie to a mobile phone number there is nothing new here that Paypal doesn't do already and since most mobiles I'd be interested in are web-enabled already, yawn.