Nokia Sends $35 Million to Obopay to Develop Mobile Payments

Obopay, a mobile payment service, just raised $35 million in funding from Nokia. But its next task is a lot harder: convincing people to ditch cash and credit cards and instead pay for purchases with their cellphones.

That vision is far from being a reality in the United States. In India, where Obopay also operates, mobile payments are more popular, and the developing world could end up being Obopay’s biggest market, though it faces stiff competition, most notably from eBay’s PayPal service.

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