Watching movies on your Nokia smartphone may be nothing new but being able to buy or rent the latest downloads certainly is. And now you can do just that via The Vid Store. Nokia is currently piloting movie downloads for the Nokia 5800, Nokia N97 and Nokia 5530 XpressMusic devices. Join us after the break for the full Vid Store shakedown…

Rumours of Nokia’s move into video started circulating last week with a teaser in the latest Nokia 5800 video (below). However, we can confirm it’s now been made official!

The Vid Store is a brand new app that can be downloaded from  Ovi Store that will allow you to buy or rent the latest movies using either you credit card or even PayPal. You can browse for movies either from your mobile or online. For each movie you’ll find a detailed synopsis along with the latest trailers.

At the moment the Vid Store app is very much in the trial stage and only available for Nokia touchscreen devices, such as the Nokia N97, Nokia 5800 and the recently launched Nokia 5530 XpressMusic.

With that in mind, Nokia has partnered with Paramount movies to pilot the scheme. There are currently over 70 titles in The Vid Store and include such recent hits as Eagle Eye and Ghost Town, as well as some real crackers like No Country For Old Men and Iron Man. As we mentioned, this is still very much in the trial phase but Nokia assures us it’s working hard to bring more studios on-board over the next few weeks and months.

DOWNLOAD: The Vid Store free and is available on Ovi Store now.

UPDATE: We’ve had a few people get in touch and say that it’s not on Ovi Store. You need to make sure you’re logged in with either a Nokia N97 or Nokia 5800 as your device, otherwise the app won’t show up!

Check out the video that broke the story: