Nokia has invested $70 Million in Obopay by buying of and estimated $70 million worth of preferred stock. Nokia's eppo Paavolo, will be
seated on Obopay's board of directors.
Obopay,
allows users send money via text message and charges a 25
cent fee to send up to $1,000 and no fee to receive the money.
It appears the mobile payment war continues and it is expected to continue as more handset makers, credit card companies and carriers want a piece of the payment pie.
Aite Group, senior analyst Nick Holland thinks the battle for mobile payments will continue especially in developing markets and said,
"This investment indicates that the
mobile payment landscape will continue to be a territorial battle between
financial institutions, mobile operators, card networks, and vendors, all of
which firmly believe that they deserve a piece of this still baking pie.
Particularly in developing markets such as Africa and India where the case for
mobile financial services has already been proven, stakeholders are rushing to
capitalize on the opportunity. Aite Group expects to see other handset vendors
aggressively positioning themselves within the value chain as the business
models for mobile payment begin to solidify."
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