Nokia Invests In Obopay

Obopay, a service provider for payments via mobile phones, has announced an investment from Nokia, a player in mobile communications. This investment is an endorsement for Obopay's ongoing innovation in mobile money technology.

"This investment is a landmark in the evolution of mobile payments. It underscores the global potential of mobile money by providing convenient access to money anytime, anywhere. Given Nokia's position in the mobile communications space, we could not have asked for a better investor," said Obopay CEO Carol Realini.

Obopay has also named Teppo Paavola, vice president and head of Corporate Business Development at Nokia, to its board of directors.

Obopay will use this minority investment to aggressively extend its product suite and enhance global presence, as mobile devices become constantly more integrated into the daily lives of consumers.

More from Biztech

Paavola said, "This investment reflects our belief in the global potential for mobile payments. Obopay has demonstrated its ability to redefine how people spend and send money and has established itself well in a competitive landscape."