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Ericsson Launches Money Services

Ericsson launches Ericsson Money Services, a new business line that will offer mobile financial services

February 2, 2011

1 Min Read

STOCKHOLM -- Aiming to take a driving role in ongoing industry developments to build a global mobile money ecosystem, Ericsson (NASDAQ:ERIC) launches Ericsson Money Services, a new business line that will offer mobile financial services.

Mobile payments and person-to-person money transfers are forecasted to become some of the most-used mobile applications in many countries in the next two or three years. Mobile money will become a foundation for person-to-machine and machine-to-machine connections by 2020, when Ericsson envisions a world with more than 50 billion connected devices. Ericsson has a significant role to play as these trends are realized.

The launch of this new business follows two years of thorough preparation and proof of concept in Europe and Asia. As part of this establishment, Ericsson has developed an end-to-end solution and associated business and operational model, fulfilling all necessary regulatory, legal and security requirements, in cooperation with its operator customers and innovative players in the financial sector.

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.

Ericsson Money Services also offers sophisticated 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, Ericsson.

Ericsson AB (Nasdaq: ERIC)

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