Nokia sees enormous potential in mobile money

Nokia sees a good chance for mobile financial services to become big business in coming years, and the world's top cellphone maker hopes to take a slice of the emerging market at its takeoff.

Telecom operators, banks and handset makers are increasingly looking at the opportunity to find additional revenue from mobile financial services.

"This is one of the biggest opportunities out there for mobile. The potential is enormous, but it is a very complex business," said Teppo Paavola, head of Nokia's Money service.

Paavola, quoting independent research firms, said the global mobile financial services market would reach 18 billion euros (USD 27 billion) by 2014.

The market for Western Europe will surge from almost nil to between 4 billion and 5 billion euros by 2013, research firm Frost & Sullivan said on Thursday.

Nokia Money service will use the mobile payment platform of Obopay, a privately owned firm that Nokia invested in earlier this year. It uses text messaging and mobile Internet access, and charges users a fee to send money or to top up their accounts.

Nokia will also cooperate with banks to roll out the services. It is scheduled to open the service early next year.

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