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Looking at Cell PHones in whole new light!

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  • Tom Slovenski
    My friends, here is an article that . well.it amazes me! As you can see, the cell phone is being targeted not only for use as a communication device but as a
    Message 1 of 1 , Mar 30, 2009
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      My friends, here is an article that . well.it amazes me! As you can see,
      the cell phone is being targeted not only for use as a communication device
      but as a purchasing device as well. Can you imagine if you are an
      Accounting Forensics Expert? This will be a whole new arena for 'leads' and
      critical information on a case! Enjoy!

      Nokia Makes a Call for Global Mobile Payments

      American Banker | Thursday, March 26, 2009

      By Steve Bills <mailto:Steve.Bills@...>

      In a deal that could make financial tools more widely available through
      mobile phones, the handset maker Nokia
      36D975> Corp. has bought a stake in the payments technology company Obopay
      8754E8> Inc.

      Obopay is one of several companies that have developed payments features for
      mobile phones, but a major hurdle in bringing banking capabilities to the
      mainstream market has been persuading users to download the applications or
      wireless carriers to deliver them preloaded in handsets. Analysts said that
      Nokia's minority stake in Obopay, announced Wednesday, would let the Finnish
      company hardwire the technology into its phones and could make it an
      important player in the global remittance market.

      03&today=30&toyear=2009&entitytype=person&entityid=> Romen, Nokia's
      director of strategic partnerships, said his company wants to make phones
      into widely used financial tools, and he compared payments capabilities to
      cameras. "In 2004, you might have seen a camera in a phone and wondered what
      this does," he said. "Today a majority of people use the phone as their
      primary camera."

      Mobile banking technology will follow a similar path, he predicted, but
      declined to give details about the Obopay investment or to say whether Nokia
      plans to incorporate the technology in its phones.

      Nokia's handsets have been part of numerous trials of contactless payments
      at the point of sale, using chips with near-field communications

      But observers said its investment in Obopay takes Nokia in a new direction.
      Obopay's core technology lets people transfer funds to each other. Citigroup
      78AAE861A> Inc. was the first major U.S. banking company to integrate
      Obopay's technology with its core demand deposit account system, and
      CF36E534B5> Inc. offers it to its issuers.

      Analysts said the cellphone giant is looking for a place in the payments
      market where it can transact not only at the point of sale but also
      remotely. The agreement also could let Nokia determine what capabilities
      banks will be able to offer their customers.

      "This is a big deal for financial institutions," said Richard
      onth=03&today=30&toyear=2009&entitytype=person&entityid=> K. Crone, the
      founder of Crone
      0&toyear=2009&entitytype=company&entityid=> Consulting. "If somebody else
      is provisioning the application before it gets to the consumer, that affects
      how the bank can provide its suite of services."

      B6CFFD> Holland, a senior analyst at the research and advisory firm Aite
      CE7F1C27EC1> Group LLC in Boston, said that Nokia, with its global reach,
      is angling for a piece of the cross-border remittance business, especially
      in developing markets. "The heavy hitters here want to be in there early,"
      he said.

      "There is tremendous room to grow in developing markets in providing basic
      banking," he said. "Mobile penetration is very high. Banking penetration is
      very low."

      In Kenya, for example, a nonbank money transfer service called M-Pesa has
      attracted more than 4 million users by working with the regional carrier
      =03&today=30&toyear=2009&entitytype=company&entityid=> Ltd.

      And Western Union Co. announced a test in December that lets immigrants in
      the United Kingdom send funds directly to mobile phone users in Kenya.

      Obopay said it would use the investment to extend its product line and boost
      its global presence. It named Teppo Paavola, Nokia's head of corporate
      business development, to the Obopay board.

      Neither Obopay nor Nokia would disclose the size of this investment, but
      published reports said it could be as much as $70 million. The online
      publication E-Commerce Times, for one, used that figure, citing an Obopay
      regulatory filing this month for the sale of up to $70 million in preferred
      stock. The filing also noted Paavola's board appointment.

      The Securities
      =1A92671949CA499FB2FEB00067C80641> and Exchange Commission's Internet
      database said that Obopay submitted a filing this month; the document was
      not available online, however.

      A7D8C87280E1FD> E. Diamond, Obopay's senior vice president of business
      development, would not say whether Nokia would use the Obopay technology,
      but said "there's going to be a lot coming out of this relationship."

      Obopay offers money transfers in the United States and India and has said it
      plans to expand into Africa. "We think there is great opportunity not only
      in the United States and India but in a lot of different countries," he

      Crone said the transfer capability is only a beachhead for the more
      lucrative point of sale market. "Fund transfers and person-to-person are
      only niche markets," he said. The point of sale is "where these companies
      are going to make their money."

      Thomas J. Slovenski

      Cellular Forensic Examiner

      SLED PDC2073




      ~Your First Choice for Cell Phone

      Data Recovery and Acquisition Services!


      *High Tech Crime Consortium (HTCC)

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      *Speaker: 2008 & 2009: Mobile Forensics World


      *Advisory Board Member for Fast Forensics, Inc.

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