Equipment maker Ericsson (Stockholm, Sweden) has announced the launch of its mobile money services, seeking to take and intermediary role in near-field communications purchases. The announcement marks the end of the service's two year development, and follows a proof-of-concept launch in Europe and Asia.
According to Semir Mahjoub, Head of Ericsson Money Services, "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."
Details are scarce so far, however Ericsson is confident their service will carve out a defining role in both mobile banking and mobile payments by 2020. According to the company, the service is fully end-to-end and complete with legal, regulatory, and security requirements already in place.