Ericsson Money Services Partners with PrePay Solutions to bring connected mobile money to Europe

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Ericsson Money Services has partnered with PrePay Solutions, a UK’s leading prepaid services company, to operate Ericsson Money in Europe under the European Union Electronic Money regulation.

Mobile phone users in the UK, France, Germany, Italy, Spain, Poland and Sweden can already today sign up at www.ericssonmoney.com to send and receive money to and from friends and family and withdraw cash. This is the first step toward bringing a full suite of convenient, cost-efficient, secure and instant mobile financial services to consumers globally.
Ericsson Money offers consumers connected mobile money services that make sending, receiving and spending money on mobile phones easy and instant.

The European service follows two years of preparation and proof of concept in Europe and Asia and enables people to carry out routine transactions and transfers funds, all without stepping into a bank. The new product taps in to a growing trend, 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.

Adam Kerr, Head of Consumer Services at Ericsson Money Services: “It’s an exciting time for a new industry and we are really looking forward to accelerating the pace at which individuals around the world can benefit from connected money services in their everyday lives by making money transfer more like mobile communication”

A new ecosystem is emerging in the convergence of mobile and financial services. Ericsson Money Services provides business-to-consumer mobile wallet services (Ericsson Money), and a business-to-business interconnection network (Ericsson Money Interconnect) enabling different mobile wallet services to work together, cross-system, cross-currency, cross-border.

Gilles Coccoli, Managing Director of PrePay Solutions, comments: “The launch of Ericsson Money Services offers customers the ultimate in convenience as they can now “walk” into a virtual bank using their phone. This new development fits perfectly into the modern lifestyle and its potential is massive.

“We work closely with companies around the world to develop new products in the technology sector and this is has been an exciting project for us.”