Nokia Eyes Emerging Markets With Obopay-Powered Payment Platform

Earlier today, Nokia announced that it was launching Nokia Money, a new payment service powered by Obopay that allows users to send money to friends, merchants, and service companies simply by using their phone numbers. The service will be showcased in early September at the Nokia World conference, with plans to roll it out to select markets in 2010. As we wrote when news broke of Obopay's $70 million funding round (of which Nokia was a major participant in), one of the biggest markets for this technology is in regions like India, where many people have phones with pre-paid SIM cards but don't have bank accounts. And judging by Nokia's press release, which emphasizes that there are "4 billion mobile phone users and only 1.6 billion bank accounts", the company seems to agree. TechCrunch50 Conference 2009 : September 14-15, 2009, San Francisco