Nokia invests in Mobile Payment Company

Nokia has an unknown amount invested in the U.S. Obopay company that makes software and services for payments via mobile phones. The Finnish manufacturer would not say whether Obopay software on Nokia’s default is to it.

Obopay has its own application for mobile payments, Nokia, after some adjustments to standard phones could continue. “It is our policy that we have no information about future applications,” said Nokia spokeswoman Hana Markus. “But we pay a mobile hole in the market and that is why we invest in them.”

The company has raised about $69 million in venture capital, and Nokia’s backing could be a big boost as it faces increased competition from the likes of eBay’s PayPal Mobile and mobile offerings from MasterCard and Visa.

A chief executive of Nokia will take place in the management of Obopay, is read in a statement that both companies have jointly issued. According to Obopay, the investment of Nokia, which have a minority stake in the company in return, be seen as a ‘landmark’ in the field of mobile payments. Obopay offers a service which can be paid through its own application with a browser or by sending an SMS. The service has no NFC needed. The software is currently only in the United States to use.


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