The launch of this new business follows two years of thorough preparation and proof of concept in Europe and Asia. Speaking on the launch event, Semir Mahjoub, head of Ericsson Money Services. 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. They will also benefit from more reasonable fees for routine transactions such as transferring funds.”
Money Services: Mobile payments and person-to-person money transfers have been believed to be among 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. 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.
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