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back to article 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 …

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  1. 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.

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  2. Anonymous Coward
    Anonymous Coward

    Can't wait...

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

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  3. 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

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  4. 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

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  5. 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.

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  6. Grozbat

    Brand

    Will my Sony Ericsson accept Nokia Money?

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  7. Fred Flintstone Gold badge

    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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