One of the ideas that came up was the Nokia plans to use SMS to transfer money in developing countries. The concept is called Nokia Money and is in its simplicity at giving people from developing countries to send money through mobile phone, pay bills or withdraw money without having a bank account.
Instead, transactions are conducted via cell phone. It works by people taking mobile phone to the Nokia store. Here they establish a Nokia Money account which they can deposit money into.
Send money via mobile
The software works quite simply via SMS. The solution, Nokia has chosen not to provide technical obstacles in the way of Nokia Money. They know that there is a gap between smartphones in the country, the technology is intended.
However, it must install a small program on your mobile, before the system can be used.
But when that is done, it becomes very easy to transfer money.
We saw a brief demonstration of the system, and instead of account numbers you would use a simple cell phone numbers to transfer money.
It is very simple to send money. You choose how much money to be transferred. So you receive number keys enter or select the phone number from her address book.
When done, press and release the “send” key and its four-digit PIN into. So money is on its way to the recipient.
Save hiking
The plan is that the system could be used to pay its bills. Nokia points out that the system is constructed in areas where previously only acted in cash. It is intended that local farmers could then be spared having to all the way into town to pay bills.
The system works only when you have the software installed and have created an account at a Nokia store.
If you send money to other mobile numbers, the receiver will get an SMS with the message that you can get money in the nearest Nokia store.
Waiting for approval
According to Nokia, the plans for Nokia Money advanced and come in during 2010, but Nokia is still awaiting final approval from local authorities before they reveal where the service is launched first.
