03 Apr 09 Nokia steps into mobile payment: Obopay

Nokia has now stepped in to mobile money Firm “Obopay”. On the first look what is Obopay?? It’s a new way to send and receive money to or from anywhere. Nokia has now taken its first $70 million equity offering step in U.S. since mobile banking seems to be booming every day.

Tarmo Virki, European technology correspondent was excited about the new venture that Nokia, worlds to cell phone makers has a brought a minority stake in wireless banking predicted to grow in the near future. The amount of investment was not known until Obopay U.S. Securities and Exchange Commission showed it made$70 million equity. And the same is going to be used by Obopay to extend its product offering and geographical presence.

The investment by Nokia has been made based on the prediction that the number of people to use mobile banking services will grow from 20 million to 913 million by 2014. This investment of Nokia’s is being utilized by Obopay to expand its infrastructure to meet its future development and also to spread awareness.

As already seen in developing markets like India and Africa where mobile finance has proven successful stakeholders are grabbing to capitalize on the opportunity. Mobile banking is sure to go places well in competence with online banking services and more than that.

According to research firm Informa, by 2013 300 billion transaction worth $860 billion would have gone through mobile phones. With which Nokia can really take back all is investments in a folds time.

Tags: Mobile banking, nokia, Nokia Mobile Banking, obopay