Nokia, the finish mobile phone maker launched new product, Nokia money this Wednesday. Nokia Money, a financial payment service for mobile phones that allows users to send money to another person, make a purchase or pay a bill using their handset.

"In many countries, mobile phone ownership significantly exceeds bank account usage, suggesting that many mobile phone users have very limited or no access to basic financial services," said Mary McDowell, Nokia’s chief development officer.

Nokia believes this service will not only majorly benefit the rural consumers but also urban consumers which will enable them to pay their utility bills, book movie tickets, recharge mobile top-ups all through your mobile phone.

Nokia Money will team up with Obopay, a mobile-payment provider in which Nokia heavily invested earlier this year, that lets its customers pay for items via their mobile phones. Moreover, the service won’t just be exclusively available on Nokia phones but will also operate on other Mobile phones and carriers.

Nokia Money is all set to demo next week at the Nokia world event in Germany. However, Nokia money will only be deployed early 2010.

Nokia’s step into the financial world with Nokia money will surely help them bringing back their market position in the US. Last quarter Nokia had a steep 66% downfall in net profit as it’s facing tough competition with rivals like Apple’s iPhone, Android based phones and RIM’s BlackBerry.