Nokia Invests In Net Device Payment Technology

Finnish wireless player Nokia has become a major investor in an American company that will be releasing technology that enables users of Net device users to exchange funds.

Confinity’s PayPal product will enable users to use their Net device as a credit card substitute.

Nokia Ventures, the venture capital arm of the telecommunications company, is Confinity’s lead investor, contributing $3 million to Confinity’s $4.5 million in first-round funding.

PayPal will enable users to make person-to-person transactions. Users can “beam” money to the other parties and it is charged to the user’s credit card the next time he or she synchronize the Net device.

PayPal will be available this fall.

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