Nokia invests in mobile payment technology

27 March 2009 — 9:57 AM

Nokia phones could soon be usedto make payments

Nokia has boosted its commitment to mobile payment technology with the announcement of a new partnership.

It has emerged that the manufacturer of such flagship handsets as the N97 and 5800 XpressMusic has made an investment in the future of Obopay - a group currently developing such remote services.

Obopay have referred to the move as a "resounding endorsement" of its recent innovations in the field of bringing new technology to the market that will allow mobile users to make payments with their handsets.

Chief executive of the firm Carol Realini said: "Given Nokia's position as the leader in mobile communications, we could not have asked for a better investor."

It was recently announced that Teppo Paavola, vice president and head of corporate business development at Nokia, had been appointed to Obopay's board of directors.

The Finnish handset manufacturer has previously been involved in the development of Near Field Communications - which allows devices to interact wirelessly with one another at a range of around four inches.

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