Telecom equipment maker Ericsson Thursday launched mobile money services to offer mobile financial services in cooperation with its operator customers and players in the financial sectors.
?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,? said Semir Mahjoub, head of Ericsson Money Services.
With mobile payments and person-to-person money transfers forecast 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.
The launch of this new business follows two years of thorough preparation and proof of concept in Europe and Asia, the company said in a statement.
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