Not to be confused with the NFC technology that works on "scanning" your phone like a credit card, Nokia Money will allow you to pay bills, merchants, and even send money to friends and family using your phone, and their mobile number.
The service will be accessible 24 hours a day, and Nokia has said it is designed to be as simple as making a call or sending a text.
Nokia is currently working on building up a wide network of Nokia Money Agents to take part in the service, and reckons it could extend to things like buying train and movie tickets, and mobile phone top ups.
There were few details on how the service would actually work in practice, but it is set to be demonstrated at Nokia World next week, and rolled out gradually from early 2010.
We will of course be at Nokia World in Stuttgart reporting back the details on this, and anything else Nokia has up its sleeve, so keep it locked to Stuff.tv for the latest.