With the release of Nokia money service, its even more clear that Nokia is turning to be a mobile services company from mobile manufacturing company. With the introduction of Nokia money consumers will be able to :
- Send money to another person just by using the person’s mobile phone number,
- Pay merchants for goods and services,
- Pay their utility bills
- Recharge their prepaid SIM cards (SIM top-up).
The services can be accessed 24 hours a day from anywhere, meaning savings in travel costs and time. Nokia is also planning to build a wide network of Nokia Money agents, where consumers can deposit money in or withdraw cash from their accounts.
Some Nokia phones will have the necessary client pre-installed, but users will also be able download and install the client on Nokia phones and devices from other vendors as well.
The first Money services — which will be operated in cooperation with mobile payment company Obopay, whose platform will be used — are planned to be rolled out in selected markets in the beginning of 2010, Nokia said in a statement. But before that it will be demonstrated at Nokia World on Sept. 2 and 3 in Stuttgart, Germany 2009.
Similar to paypal ?
We all are familiar with the service to pay online to various merchants. However, the only difference could be that paypal account is basically linked with an email address, and Nokia might plan to link the account with the mobile phone numbers. The advantage over Nokia system could be hassle free creation and usage of account, as you may not need to be in front of a computer to send or receive money. The same can be done via a text message or a voice call using Nokia Money.
However, lets wait for the proper demonstration on Nokia World 2009, just 2 more days to go 
.
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mPayy, Inc. already provides an integrated online, mobile and social networking based payment service linked securely to your checking account.
mPayy’s ID is linked directly to your mobile phone number as your unique identifier.
The iPhone and Android apps are in development right now, but its API’s are available in production today for any developers to utilize. https://www.mpayy.com/developer-tools-and-api/mobile-payments-api