Seeing the opportunity in mobile commerce, Nokia has also jumped into the mobile money market. Nokia has disclosed its product as 'Nokia Money'. According to Nokia, the product will be functional by 2010.

Nokia will try to make inroads into the emerging markets where the penetration of Banking sector is low on cosumer level. They will also target the rural areas. According to Nokia, they will make the trust agents world over so that people should go there and collect the money.

Nokia money will operate by sending a message with Amount and Phone number (to which money is going to be sent). Stay Tuned for more to come from Nokia Camp next month..