Nokia Invests in Obopay Mobile Payments

Obopay, a company which facilitates payments by SMS in the U.S. and India, just recieved a cash infusion from handset giant Nokia (NYSE: NOK) for the estimated sum of $70 million. As a result of the investment, Nokia’s head of corporate business development, Teppo Paavolo, will have a seat on Obopay’s board. How Nokia flexes their muscle with Obopay is yet to be seen, but it sounds to me like Nokia has found a new partner for the Ovi Store. BlackBerry (NSDQ: RIMM) has opted for the more established PayPal for their upcoming App World, but Nokia has tended to think a bit more outside of the box. It will be interesting to see if Nokia finds other points of integration with Obopay…

[via AP]