Ericsson To Offer Its Users A Mobile Bank Account
Ericsson has announced that it will be launching a mobile banking service that will allow users to make credit card like payments, and person-to-person money transfers. Ericsson, the world's largest telecom vendor, expects the mobile financial services sector to become a $27.7 billion market in terms of revenues by 2015.
Ericsson has announced that it will be launching a mobile banking service that will allow users to make credit card like payments, and person-to-person money transfers. Ericsson, the world’s largest telecom vendor, expects the mobile financial services sector to become a $27.7 billion market in terms of revenues by 2015.
According to Ericsson more than 1 billion people around the globe have mobile phones, many of whom don’t have a bank account. Ericsson wants to enable these 1 billion users to carry out person-to-person transfers and other financial transactions via their mobile devices.
The system in the beginning will be a competitor to services offered by Western Union and MoneyGram, but the long term objective is to have it as a viable alternative to credit cards.
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