Nokia: New product is response to need for mobile banking

A new set of services launched this week by Nokia is aimed at fulfilling some of the demand for mobile banking solutions, it explained as it unveiled the scheme.

Nokia Money intends to provide access via a handset to basic financial requirements, such as transferring money to someone else using their mobile number.

The company created the systems to be as easy as sending a text message or making a phone call – and consumers will also be use them to able to pay bills or recharge prepaid Sim cards.

Services will be available 24 hours a day from any location and Nokia hopes to keep adding to its network of agents at which users can withdraw or deposit cash.

Mary McDowell, EVP and chief development officer at the manufacturer, said there are four billion mobile phone owners worldwide – but 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 such as Nokia Money,” she added.

The move into a sector than one other than the mobile telecoms market has not just been undertaken by Nokia. In recent months, O2 promoted its O2 Money service, which includes a card that can be loaded with cash and then spent on various items.

Every time it is used, the owner receives a text message informing them of their balance.

There is also a Cash Manager card that is free to use and works via money transferred from a bank account.