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Nokia moves towards mobile payment scheme

Phone giant Nokia has invested in mobile payments with a stake in US firm Obopay.

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27 March 2009

Nokia moves towards mobile payment scheme”

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The company, which works in both America and India, allows credit card holders access to a virtual account so they can text funds to other mobile phones.

Users without a bank account can still use the system by pre-paying money into an Obopay scheme.

Obopay chief executive Carol Realini told Associated Press the initiative is likely to prove particularly popular in developing countries.

She explained: "There's such a big gap in the world - there are four billion phones and only one billion bank accounts."

The Financial Times recently quoted statistics from Gartner predicting the market for mobile payments will soar to 100 million in 2011, with Nokia now well placed to exploit the trend.

In related news, Interflora announced this week it is launching a transactional mobile site in a bid to offer customers a cross-platform service, reports NewMediaAge.co.uk.

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