Ericsson had decided to go compete in the mobile banking service by offering platform named Ericsson Money Services and will be introduced at Mobile World Congress event coming weeks. Ericsson’s launch of new businesses is the result of research and proof of concept that has been implemented in Europe and Asia. As part of services, Ericsson has developed a service solution end-to-end and the related business and operational models, to meet the requirements of regulators, law and security, in cooperation with the customer service and innovative companies in the financial sector.
Mobile operators, financial institutions and other service providers, hoping Ericsson Money Services and Money Interconnect Service to expand the money supply in the mobile service. They hope that will be connected in real-time, without boundaries, and without limit currency.
A new market has been opened, consumers will take over cell phone banking. They are the people most of whom never had a credit card. People who have never set foot into a bank now has the opportunity to use a virtual bank. They will also get the advantage of ease of transaction, even to transfer service.
Particularly in emerging markets, many people do not own bank account, but could pay on their cell phones and take payments contrary. Market experts expect that the development of mobile phone payment within the next three years in many countries the most important mobile applications.
The technical solution from Ericsson enables operators and financial institutions, their services in real time, across national boundaries and across different currencies, to offer mobile.
The system complies with regulatory and safety requirements. Money Services also includes different business and operating models and can thus adapt to the conditions in different markets.source