Nokia dominates the world cell phone market share and with such a huge customer base it’s no surprise why they’d like to delve deep into this an use it for further profits with a real time monetary service.
It looks like the Finish folks will be presenting the Nokia Money module — an elementary banking and money transfer service, at the Nokia World conference which is to be held next week. The service that will be rolled out next year in a selective number of markets will be an effective electronic money transfer tool, a money management system where the customer will only be required to know the phone number of the receipt of money. Smells like mobile Paypal?
The credentials of the service quality cannot be doubted for it will involve Nokia’s money and mobile money transfer specialist Obopay’s brain.
Rumors about the Apple Pay Pal Killer have also surfaced from time to time, but Nokia seems to have one-upped the competition with a mobile version of the money transfer system … something which could have a more far reaching effect.