Nokia invests in Obopay – for the future of mobile payment

Ilinca Nita  By on 25 Mar 09

In a couple of years, mobile payment will probably grow to become the preferred payment method for lots of people, all over the world.

Anticipating that, Nokia is making an investment in Obopay, a US-based company which allows customers to pay and transfer money via any handset (as long as it uses Obopay’s service).

With this occasion, Teppo Paavola, Nokia’s VP and Head of Corporate Business Development, was included in Obopay’s board of directors.

The two companies have not disclosed the amount of money involved in the investment.

However, the Associated Press notes that Obopay “made a regulatory filing this month for the sale of up to $70 million in preferred stock” – so we could assume that’s about the amount of cash Nokia has invested.

nokia-obopay 

Obopay declared that Nokia’s money will be used to enlarge its product suite and boost its global presence. Further details were not unveiled. 

Source: Press release

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