Nokia has today announced the launch of Nokia Money which will allow its users to send and receive payments using their mobile phones. Nokia Money is going to be based on Obopay which is the mobile payment transfer service available in India and USA right now. If you hear the transfer fees of Obopay then you might dump Paypal. I am already very pissed off with Paypal and I welcome every competition in this segment.

Obopay pays its users $0.25 to send money upto $1000 while receiving the payment is completely free of cost. It’s anybody’s guess that Nokia might revise its rates once it reaches handsome subscriber base but till then it’s just tempting and I am definitely gonna give a it a try.

Not only Nokia Money would allow its users to make transactions but they may also use it to pay the bills or recharge SIM cards. It is expected that Nokia will officially speak out more on it at the Nokia World next week.

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