During Nokia World 2009 in Stuttgart Germany, Nokia introduced Nokia Money which is a new service which enables customers to perform basic monetary transactions via their mobile phone reports creativity-online.com.

Nokia believes this new service will benefit people will little or no access to the more traditional ways of banking and according to Nokia transactions are as simple as making a call or sending a text message.

With only their mobile phone number, customers can make payments from person to person, pay utility bills, top up SIM cards, make purchases, and send a money amount up to $1000, and also deposit and draw cash from Nokia’s network of Nokia Money agents.