Nokia invests £75 million in mobile payments service

Technology: Tues 24th March 2009

Nokia has invested £75 million in a mobile payment service developed by Obopa and thereby secures access to the promising mobile banking market.

Using the mobile as a credit card or a wallet is increasingly popular, and the market is expected to grow at a rate of 90% annually.

The Obopay 'wallet' bank account is accessibly via the mobile handset, and can hold up to $1,000 in credit. Obopay mobile money allows users can send cash to other mobile phones simply by sending a text message.

The Obopay system is similar to PayPal Mobile, and the partnership with Nokia will undoubtedly boost competition. However, Obopa is currently only available to customers in India and the US.

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