Ericsson today launched a suite of mobile money services. The company says it is set to create “a global ecosystem that makes sending money person-to-person as simple as sending an SMS.”
The services will address both the developed and emerging markets. The launch of the new business follows two years of preparation and proof of concept in Europe and Asia. Ericsson says it has developed an end-to-end solution and associated business and operational model that meets regulatory, legal and security requirements.
Through Ericsson Money Services and its Money Interconnect Service, mobile operators, financial institutions and other service providers that want to extend their offering with mobile money services can be connected to a real-time, cross-border, cross-currency switching network.
Ericsson Money Services also offers end-to-end solutions that can be tailored for different market conditions and needs.
“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. They will also benefit from more reasonable fees for routine transactions such as transferring funds,” says Semir Mahjoub, head of Ericsson money services.
The Ericsson Money Services portfolio will be available for demonstrations at the Ericsson Hall (Hall 6, La Fira) during Mobile World Congress (MWC) to be held in Barcelona Feb. 14 to 17.