Nokia gets into financial services

Nokia Money will offer basic financial services such as balance checking and money transfers

Nokia is to launch a new financial service allowing users to shift money using their handsets.

Nokia Money will offer basic financial services such as balance checking and money transfers, and can be used to replenish mobile phone accounts and buy goods from selected merchants.

"In many countries, mobile phone ownership significantly exceeds bank account use, suggesting that many mobile phone users have very limited or no access to basic financial services," said Mary McDowell, chief development officer at Nokia.

"With more than four billion mobile phone users and only 1.6 billion bank accounts, global demand for access to financial services presents a strong opportunity to combine mobile devices with simple but powerful financial services."

The service will be focused on the developing world, and Nokia is building up a network of global money agents to handle the physical processing. The service is not limited to Nokia handsets.

"Rural consumers will particularly benefit from money transfers and, for urban consumers used to online services, we are enabling services such as payment of utility bills, purchase of train and movie tickets and top-ups, all through their mobile phones," said Teppo Paavola, head of corporate business development at Nokia.

"Nokia Money is simple to use, secure and available across different operator networks and on virtually any mobile phone. This means that millions of new consumers will soon be able to manage all their financial needs from their mobile phone."