Ericsson now offers mobile cash service
Nasdaq-listed Ericsson has launched a universal money transfer service that will allow overseas Filipino workers (OFW) in Europe to send cash straight to the mobile phones of their loved ones in the country.
The Sweden-based technology giant on Thursday announced the launch of its Ericsson Money Service, the company’s first global “corridor” for cross-border international remittance.
Launched in partnership with Smart Communications and Globe Telecom—the Philippines’ two leading mobile networks—the new service allows mobile phone users in the Philippines to send and receive money to and from friends and family in Europe instantly, safely and conveniently, 24 hours a day.
The cash is received on mobile phone “wallets” through e-money services offered by local networks. Users can then withdraw the cash from ATMs anywhere in the world.
The mobile money service currently connects seven European countries—the United Kingdom, France, Germany, Italy, Spain, Poland and Sweden.
With this service in place, the company is now “one step closer to introducing its full suite of convenient, cost-efficient, secure and instant mobile financial services to consumers globally.”
Ericsson Money Service, the company said, puts “an end to the paperwork and delays associated with traditional postal or personal international money transfers for good.”
“For many overseas workers, it also provides the peace of mind that the money is guaranteed to reach the intended recipients securely and instantly through their phones, rather than a third party international remittance cash office,” Ericsson said in a statement.
The Philippines is the fourth largest recipient of cross-border remittances in the world, trailing India, Mexico and China. About 10 percent of the Filipino population are made up of OFWs.
“This partnership expands the reach of our pioneering mobile commerce platform, to benefit more Filipinos not only here in the Philippines, but around the world,” said Orlando B. Vea, chief wireless advisor of Smart.
There are around 85 million mobile phone users around the world. Over nine out of 10 of these users are on prepaid accounts.
