Feeds

Nokia banks on cash transfer biz

Inter-bank exchange via SMS

Security for virtualized datacentres

Nokia is about to launch its own money transfer system, Nokia Money, providing the convenience of banking services to the developing world as well as cashless transfers for everyone else.

Nokia Money will launch next year, with more details to emerge at the Nokia World next week, but the service is based on that already deployed by Obopay - in whom Nokia has $70m invested - with "uniquely developed mobile elements" that will apparently make the service even more compelling.

The premise is to bring banking services to the billions who currently don't have a bank account - Nokia reckons only 1.6 billion have bank accounts, while current estimates of mobile phone penetration stand around four billion. In India the Obopay service operates in conjunction with a bank, allowing users to pay bills, check balances and request funds with simple text messages.

That makes the service cross-network, and available on any handset, though a local application can obviously improve the experience. Emerging markets will be developed first, which means building a network of Nokia Money agents who can convert hard cash into electronic credit.

But Nokia's aspirations don't stop there, as the Finns think we'd all like to use our phones to pay for things:

"For urban consumers... we are enabling services such as payment of utility bills, purchase of train and movie tickets, top-ups, all through their mobile phones," says the Nokia release.

Nokia isn't the first company to look at payments via SMS - your correspondent managed to pay for a meal by text back in 2002, just - but with Nokia's brand behind it, and a focus on economies where traditional banks are hard to come by, it could be the one that makes it. ®

Intelligent flash storage arrays

More from The Register

next story
FCC, Google cast eye over millimetre wireless
The smaller the wave, the bigger 5G's chances of success
It's even GRIMMER up North after MEGA SKY BROADBAND OUTAGE
By 'eck! Eccles cake production thrown into jeopardy
Mobile coverage on trains really is pants
You thought it was just *insert your provider here*, but now we have numbers
Don't mess with Texas ('cos it's getting Google Fiber and you're not)
A bit late, but company says 1Gbps Austin network almost ready to compete with AT&T
HBO shocks US pay TV world: We're down with OTT. Netflix says, 'Gee'
This affects every broadcaster, every cable guy
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
Three 1TB solid state scorchers up for grabs
Big SSDs can be expensive but think big and think free because you could be the lucky winner of one of three 1TB Samsung SSD 840 EVO drives that we’re giving away worth over £300 apiece.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.