Nokia Buys into M-Payments Firm Obopay

Nokia is supporting the mobile payments industry through an investment in Obopay. Redwood City, California-based Obopay operates a service that lets consumers and businesses make purchases and transfer money via a mobile phone through Obopay’s mobile app, a text message, the mobile Web or at Obopay.com.

Although the companies aren’t saying just how much Nokia is putting into the mobile payments firm, the Financial Times puts the amount at around $70 million. Nokia got a minority stake in Obopay for its investment, and Teppo Paavola, VP and head of corporate business development at Nokia, has taken a seat on Obopay’s board.

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