Nokia invests in mobile payments firm

Mobile giant Nokia has announced that it has taken a minority stake in mobile payment firm Obopay.

Obopay is developing a platform that allow consumers and businesses to purchase goods and transfer money through any mobile phone using Obopay's mobile application, text message or the internet.

"This investment is a landmark in the evolution of mobile payments," said Carol Realini, chief executive at Obopay. "It underscores the global potential of mobile money by providing convenient access to money anytime, anywhere."

Nokia has marked the transaction as a "minority investment", and has not disclosed the exact amount and details of the deal. Obopay plans to use the cash to enhance its product portfolio and expand from the US into other global markets.

Teppo Paavola, Nokia's vice president and head of corporate business development, has been appointed to Obopay's board of directors.

Nokia foresees tremendous potential in the mobile payment space, according to Paavola, and chose Obopay as it "has established itself as the leader in a competitive landscape".