Further to the news in March that Nokia had invested in mobile payments service provider Obopay, Nokia has now announced Nokia Money.
Nokia Money is described as a new mobile financial service offering consumers with a mobile device access to basic financial services.
Aimed both the developing and developed markets, Nokia says for many consumers, this will be the first time they have had any access to such financial services.
Designed to be "as simple and convenient as making a voice call or sending an SMS", the service will let users send money to another person by using the person's mobile phone number, as well as to pay for goods and services by transferring credit from pre-paid SIMs.
Nokia says it is building a "wide network of Nokia Money agents, where consumers can deposit money in or withdraw cash from their accounts", the wide availability of which will be crucial to the success of the service.
Due to start rolling out in early 2010, the Nokia Money service will be shown at Nokia World event in early September. Pocket-lint will be attending the event and will bring you more then.