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.

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Nokia has introduced Nokia Money – a new mobile service operated in conjunction with Obopay – calling it “a new mobile financial service offering consumers with mobile device access to basic financial services. For many consumers, this will be the first time they have had any access to such financial services.”

According to the company, “Nokia Money has been designed to be as simple and convenient as making a voice call or sending an SMS. It will enable consumers to send money to another person just by using the person’s mobile phone number, as well as to pay merchants for goods and services, pay their utility bills, or recharge their prepaid SIM cards (SIM top-up). The services can be accessed 24 hours a day from anywhere, meaning savings in travel costs and time. Nokia is building a wide network of Nokia Money agents, where consumers can deposit money in or withdraw cash from their accounts.”

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