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Nokia Breaks into Banking

Wed, 08/26/2009 - 9:05am

Editor's Note: It will be interesting to see how this develops.

(Telecoms.com) - The world’s leading mobile handset manufacturer, Finland’s Nokia, announced a move into financial services on Wednesday. The new direction for Nokia will see it working with mobile payment specialist Obopay, in which Nokia invested $70m in March this year.

Nokia looks to be targeting emerging markets with its Nokia Money service, with the firm predicting that, for many prospective users, it will be the first experience of financial services. While there are four billion mobile phones in the world, Nokia said, there are only 1.6 billion bank accounts, creating a large potential market for basic financial services.

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