Nokia, the world's leading mobile-phone maker, will launch a service enabling people to make financial transactions with their cellphones, the Finnish telecoms giant said yesterday.
The Nokia Money service will make it possible "to send money to another person by using the person's mobile phone number, as well as to pay merchants for goods and services, pay their utility bills, or recharge their pre-paid SIM cards," the company of Nikia Money agents where consumers can deposit money or withdraw cash from their mobile accounts.
"We believe mobile financial services offer a market opportunity with long term growh potential," Nokia's chief development officer, Mary long term growth potential," Nokia's chief development officer, Mary McDowell, said in the statement. "In many countries, mobilephone ownership significantly exceeds bank account usage," she said noting that there are more than four billion mobile-phone users worldwide compared to 1.6 billion bank accounts.
Nokia is racing to diversify its operations as its rivals Apple and Research in Motion experience raging successes with their respective "smartphones", the iPhone and the Blackberry.
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