A global partnership agreement between communication technology conglomerate Ericsson and mobile payment solutions provider Verifone to introduce a range of payment options, particularly in emerging markets, was announced yesterday (June 11).
As a result of the joint venture, Ericsson customers will have access to technologies that may significantly expand their payment solutions. Verifone’s payment devices accommodate a wide range of payment options, including NFC, mobile wallets, EMV, and contactless payments.
According to Verifone Mobile Money CEO Chris Jones, customers will have the opportunity to see the “economic benefits of increased volumes of payment transactions, wider mobile money adoption and an improved consumer experience.”
“NFC and contactless payments drive wallet adoption transactions at the merchant, and cashless economies,” Jones added.
The Verifone Mobile Money Retail Enablement software suite will be integrated with Ericsson Wallet Platform to bring expanded financial options to markets where access to Internet or traditional banking may be difficult.
“Ericsson’s M-Commerce work includes a primary focus on financial inclusion efforts that bring greater mobile money flexibility to traditionally unbanked citizens, especially in emerging markets. Our partnership with Verifone Mobile Money represents continued advancement of these efforts, helping mobile subscribers with more choices in where and how they can shop,” said Peter Heuman, Ericsson’s vice president and head of m-commerce.
The solutions aim to assist banks and operators in the mobile payments world by bridging the gap between the financial world and the mobile commerce ecosystem, the release explained.
Yesterday’s announcement comes months after Ericsson’s other venture into adapting technologies in emerging markets. The company’s new machine-to-machine initiative aims to facilitate the expansion of both B2B and B2C operations in Indonesia.
To check out what else is HOT in the world of payments, click here.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More