Nokia Makes Investment in Mobile Payment Company
Today Nokia announced that it is investing in a California-based company that facilitates mobile payments. Obopay already allows people to make payments to one another via text message in the U.S. and India. Funds are drawn from bank accounts or credit cards that are registered to the mobile phone. Nokia invested in Obopay from its general funds, not its venture capital division, suggesting that Nokia wants to have closer ties to how Obopay operates. Nokia's Teppo Paavolo, head of corporate business development, will be granted a seat on Obopay's board. The size of Nokia's investment was not disclosed.
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