Mobile Money is a fast evolving alternate payment method where consumers use their mobile phone to pay for a wide range of services and goods (both digital and material). Instead of paying by cash, check, or credit cards, a consumer can now use his ever present companion, the mobile phone, to complete the transaction.Primarily there are four models for Mobile Money Services:

* SMS Based
* Direct Mobile Billing
* Mobile Web Payments (WAP)
* Contactless NFC (Near Field Communication)

Many telecom operators are planning to hit huge with this unfolding phenomenon but Nokia, an early entrant into this market has already closed its mobile money services.