Nokia invests in mobile money Obopay

There are signs the mobile payments market is really taking off at last with Nokia announcing a substantial investment in service provider Obopay today, reports the FT.

The amount, understood to be in the region of $70m, is being put in by Nokia itself rather than its venture arm and gives it a minority stake in the Silicon Valley company.

Obopay operates in the US and India. It allows those signing up for its service to fund their account with cash or by linking up their credit card or current account. They can then send money to any text-message enabled cell phone. The receiver can either sign up for an Obopay account or have the money transferred directly to their bank account.

Obopay charges 25 cents to send any amount up to $1,000 and nothing to receive it.

emily | 3:59 PM | SMS and Banking |
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