Nokia Money may be one of the most compelling Nokia services ever

A major focus of Nokia these past couple of years has been about expanding services and I have to say that today’s announcement of Nokia Money may actually be one of the biggest and far reaching yet. While most of us in the US have bank accounts (required for most jobs) Nokia reports there are 4 billion mobile phone users and 1.6 billion bank accounts worldwide. While one can’t say that all of these mobile phone users want a bank account, it is probably safe to say there are millions of people who would like access to or need basic financial services.

Nokia Money will start rolling out in early 2010 and will allow people to send money to another person just by using that person’s mobile phone number. The Nokia Money user will also be able to pay merchants, pay utility bills, recharge their SIM card, pay for movies and services, and more. Unlike a bank, the service is available 24 hours a day. There will also be physical Nokia Money agents where users can deposit money or withdraw cash if necessary. Is this a service that will further the cashless society?

As stated by Teppo Paavola, VP and Head of Corporate Businesss Development,

Rural consumers will particularly benefit from money transfers and, for urban consumers used to online services, we are enabling services such as payment of utility bills, purchase of train and movie tickets, top-ups, all through their mobile phones. Nokia Money is simple to use, secure and available across different operator networks and on virtually any mobile phone. This means millions of new consumers will soon be able to manage all their financial needs from their mobile phone.