17 October 2017
Register now

Now Ericsson makes mobile money pitch

04 February 2011  |  8060 views  |  0 Fingers on smartphone keypad

Swedish giant Ericsson has become the latest company to throw its hat into the mobile money ring, launching a new business unit that will concentrate on person-to-person payments.

The firm says it plans to "take a driving role" in mobile P2P payments, in both the developed and emerging markets through Ericsson Money Services, which is being launched after two years of perpetration and proof of concept in Europe and Asia.

M-payments and person-to-person money transfers are expected to become some of the most-used mobile applications in many countries in the next two or three years, providing a multi-billion dollar opportunity for providers.

Ericsson says it has already developed an end-to-end system and associated business and operational model, fulfilling all necessary regulatory, legal and security requirements, in cooperation with its operator customers and financial sector players.

Through Ericsson Money Services and its Money Interconnect Service, mobile operators, financial institutions and other service providers, wishing to extend their offering with mobile money services, can easily be connected to a real-time, cross-border, cross-currency switching network, boasts the vendor.

Semir Mahjoub, head of Ericsson Money Services, says: "A new market is opening up consisting of consumers whose first meeting with banks will take place over a mobile phone and who may never own a plastic credit card. People who may never enter a bricks-and-mortar bank now have the opportunity to "walk" into a virtual bank using their phone."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

O2 seeks UK license for mobile money play

O2 seeks UK license for mobile money play

03 February 2011  |  12910 views  |  0 comments
French telcos form e-payment JV

French telcos form e-payment JV

03 February 2011  |  11352 views  |  0 comments
Visa Europe and Monitise team on mobile payments

Visa Europe and Monitise team on mobile payments

03 February 2011  |  11889 views  |  0 comments
LG makes NFC play

LG makes NFC play

01 February 2011  |  8064 views  |  0 comments
Visa Europe partners Wireless Dynamics on contactless iPhone payments

Visa Europe partners Wireless Dynamics on contactless iPhone payments

27 January 2011  |  10881 views  |  2 comments
Barclaycard and Everything Everywhere to launch contactless m-payments

Barclaycard and Everything Everywhere to launch contactless m-payments

27 January 2011  |  15386 views  |  7 comments
MasterCard and Telefónica team on Latin America mobile money JV

MasterCard and Telefónica team on Latin America mobile money JV

25 January 2011  |  9632 views  |  0 comments
Google targets mobile money as key strategic priority

Google targets mobile money as key strategic priority

20 January 2011  |  17608 views  |  7 comments
Orange plans large-scale NFC roll-out

Orange plans large-scale NFC roll-out

20 December 2010  |  13333 views  |  0 comments
US mobile P2P payments volume tipped for growth - Javelin

US mobile P2P payments volume tipped for growth - Javelin

10 November 2010  |  10309 views  |  0 comments
MasterCard mobile P2P payments platform set to go live

MasterCard mobile P2P payments platform set to go live

14 May 2009  |  12921 views  |  0 comments
Mobey Forum adds new members

Mobey Forum adds new members

10 December 2002  |  4280 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
visit www.innotribe.comRegister nowvisit www.vasco.com

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
14972 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
8228 views comments | 15 tweets | 21 linkedin
hands typing furiouslyHow artificial intelligence can deliver a...
7663 views 0 | 7 tweets | 9 linkedin
satelliteGates Foundation backs Ripple collaboratio...
6980 views comments | 13 tweets | 7 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
6206 views comments | 8 tweets | 16 linkedin

Featured job

circa £250K total package
London

Find your next job