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Wednesday, February 2, 2011

Ericsson launches mobile money services

Telecoms technology company Ericsson has today launched Ericsson Money Services. The company says it’s launched this new business after two years of preparation and proof of concept in Europe and Asia.

Ericsson Money Services and the associated Money Interconnect Service enables mobile operators, financial institutions and other service providers to access a real-time, cross-border, cross-currency switching network.

Semir Mahjoub, Head of Ericsson Money Services at Ericsson, said “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.”

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Author: The Fonecast
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