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Nokia banks on cash transfer biz

Nokia is about to launch its own money transfer system, Nokia Money, providing the convenience of banking services to the developing world as well as cashless transfers for everyone else. Nokia Money will launch next year, with more details to emerge at the Nokia World next week, but the service is based on that already deployed …

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Anonymous Coward
WTF?

Once upon a time

Once upon a time, when m-commerce was first talked about, before anyone had ever heard of Ringtone Clubs or the Crazy Frog, SMS-enabled transactions (for car parks, cans of coke, etc) were all the rage.

Why didn't they catch on?

Now, given that there were no major technical or political obstacles back then, and that there is at least one major political obstacle to Nokia acting as a bank [1], how is this "new" idea going to catch on ? What's different this time round?

[1] The political obstacle: the incumbent national banks, and their lapdogs in the national regulatory authorities.

Anonymous Coward
Anonymous Coward

Can't wait...

till I'll be getting interest on whatever credit I've got on my mobile...

Anonymous Coward
Dead Vulture

Ho and indeed Hum

Vodafone have been doing this in Kenya for 6 years; it's now a pretty major method of money transfer there.

http://www.nytimes.com/2007/07/08/business/worldbusiness/08iht-micro09.4.6554131.html?_r=1

Anonymous Coward
Anonymous Coward

Whats the betting

that when this system gets hacked and everyone loses their money it'll be called 'No-Money' - ho,ho,ho

Christian Berger

But GSM is broken

GSM is broken and soon anybody with $1000 to spare will be able to intercept and maybe even fake SMSes.

Grozbat

Brand

Will my Sony Ericsson accept Nokia Money?

Fred Flintstone

This may help another system under discussion

There are a number of efforts underway in this area, and I think this system could be added to something else I know of. Time to have a chat..

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