Nokia has realised that there’s money to be had in… er… money, so has announced that it will launch a mobile phoned-based financial service. Unimaginatively called Nokia Money, the service will enable you to send money to someone else using their mobile number. You'll also be able to buy goods and services, pay utility bills and …
One thing that is immediately raised in my mind is what role the various tax authorities will play with regard to Nokia/Obo and similar schemes. Aside from the tie to a mobile phone number there is nothing new here that Paypal doesn't do already and since most mobiles I'd be interested in are web-enabled already, yawn.
Since the account is attached to your phone, what happens when someone steals your phone??