Nokia Money to go commercial in Q1 2010

Nokia Money – Nokia’s mobile banking and payment service is expected to be commercially available in its first market in Q1 2010, although the Finnish handset manufacturer is unable to divulge any details about the location as yet.

Nokia Money is one of the services that the Finnish group hopes will help extend its remit beyond mere devices. Indeed, the company said its target is to have 300 million active users of its services by the end of 2011; the number is expected to be 80 million by the end of 2009.

Teppo Paavola, vice president, general manager of mobile financial services said the service will enable people without bank accounts in emerging markets to transfer money, top up prepaid mobile services, pay bills, carry out online transactions, and pay merchants. Citing figures from Strategy Analytics, Paavola said the global mobile payments market is expected to be worth €18 billion by 2014 – €12 billion from emerging markets and €6 billion from developed markets. (source)

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