Nokia making an investment of $ 70 million in mobile payment services company, Obopay. The investment entitles Nokia to have a minority stake in the company.

The development will result in Nokia, head of Corporate Development, Teppo Paavola joining Obopay’s board.

Obopay plans to use the fund to extend its product suite and increase its global presence.

“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 is present in India as well. It charges around 25 cents for transferring $ 1000. It is banking on growth from emerging markets.