Nokia Invests in Obopay

Global leader’s support represents mobile payments milestone

REDWOOD CITY, Calif., March 25 /PRNewswire/ — Obopay, Inc., the pioneering service provider for payments via mobile phones, today announced an investment from Nokia, the world leader in mobile communications. This investment is a resounding endorsement for Obopay’s ongoing innovation in mobile money technology.

“This investment is a landmark in the evolution of mobile payments. It underscores the global potential of mobile money by providing convenient access to money anytime, anywhere. Given Nokia’s position as the leader in mobile communications, we could not have asked for a better investor,” commented Obopay CEO Carol Realini.

Obopay has also named Teppo Paavola, vice president and head of Corporate Business Development at Nokia, to its board of directors.

Obopay will use this minority investment to aggressively extend their product suite and enhance their global presence, as mobile devices become constantly more integrated into the daily lives of the world’s 4 billion mobile consumers.

Teppo Paavola, said, “This investment reflects our belief in the global potential for mobile payments. Obopay has consistently demonstrated its ability to redefine how people spend and send money and has established itself as the leader in a competitive landscape.”

For more information, visit www.obopay.com.

About Obopay

Obopay, Inc. (www.obopay.com) is a pioneering service that lets consumers and businesses purchase, pay, and transfer money through any mobile phone using Obopay’s mobile application, text message, mobile Web, or Obopay.com. As the first mobile payment service created exclusively for the mobile phone, only Obopay works on any mobile phone and any carrier to empower consumers and businesses with the convenience of mobile payments. Obopay is bringing mobile payments to more consumers through industry-first alliances and is headquartered in Redwood City, California.

SOURCE Obopay, Inc.