"Ex-Nokia Employees Launch iKaaz Mobile Payments"

Ikaaz HTC Desire S

Back in March, Nokia dissolved Nokia Money, its mobile payments and cash management service that was launched in India. A number of Nokia Money veterans then banded together and have formally introduced iKaaz, a two-pronged mobile commerce program that allows users to pay goods and services with or without NFC.

The first components composed of M-POS and its accompanying Tap & Pay, which are similar to NFC-based services like Google Wallet. Consumers simply place their smartphones near a reader to confirm payment.

The other program is the Consumer Wallet for Enterprises, which is right up Nokia Money’s alley. It provides a mobile payments account without having to own an NFC-equipped phone or app, allowing owners of basic handsets to pay up through SMS or USSD (Unstructured Supplementary Service Data)

No word yet on when the iKaaz will roll out, but consumers should be excited about the flexibility this service would bring.

Source: Engadget