Ericsson Money Services launches cross border international remittance

Ericsson (NASDAQ:ERIC) Money Services launches its first global ‘corridor’ for cross-border international remittance in partnership with Globe Telecom and SMART Communications Inc (Smart) enabling 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. Users can then withdraw cash from ATMs around the world.

The mobile money service currently connects seven European countries – UK, France, Germany, Italy, Spain, Poland and Sweden – and from today the Philippines too. The latest addition of international remittance brings the company one step closer to introducing its full suite of convenient, cost-efficient, secure and instant mobile financial services to consumers globally.

Putting an end to the paperwork and delays associated with traditional postal or personal international money transfers for good, cross-border international remittance from Ericsson Money (www.ericssonmoney.com or https://mobile.ericssonmoney.com) allows users to send and receive money as instantly and easily as sending a text message. For many overseas workers it also provides the peace of mind that the money is guaranteed to reach the intended recipient securely and instantly through their phone rather than a third party international remittance cash office.

The services meet today’s consumer demands for greater freedom of choice, faster access to money and a much more flexible and convenient way to share it with family and friends. People who can benefit immediately include:

– Non-domestic workers: overseas workers can send money home to their families without having to use postal or personal cash transfers, which are often time-intensive. The text-like convenience of the service means easy access and availability for the person receiving money as well as the person transferring it.

– Cash only: consumers used to transacting only with cash or those with limited access to formal banking systems offered a first step into mobile money through their mobile handsets and the ability to effectively ‘be their own bank manager’.

– Families: parents can send money to their children away at university or on holiday in countries around the world. Friends and family receive instant notification via text when the money is received.

Ericsson Money’s partners in the Philippines are leading local operators Globe Telecom (Globe GCash) and SMART Communications Inc (Smart Money), mobile operators who both have long established successful mobile-wallet schemes. This international mobile money development is made possible through Ericsson Money Interconnect – a network designed to connect multi-branded e-wallets around the world. By the end of 2012 it is likely that hundreds of mobile wallets will be launched around the world.

Semir Mahjoub, Ericsson Vice President and President of Ericsson Money Services, says: “Many people around the world are already more at ease using a mobile phone than they are a bank or money transfer office. Recent feedback in the Philippines showed that our test consumers really valued the safety, instant nature and ease of access provided by Ericsson Money over other more traditional money transfer services. This is especially true of those working overseas and sending hard earned money back to their families. International remittance via mobile phones and connecting multiple e-wallets around the world to make money transfer more like mobile communication are the next steps in delivering greater financial freedom of choice for consumers. ”

Before long it will also be possible for mobile phone users around the world to interconnect local mobile money services globally to transfer money from person to person, make secure bill payments, shop online and pay in retail stores instantly through Ericsson Money and other e-wallet partners.

Paolo Baltao President of GXchange Inc, GXI, the mobile commerce subsidiary of Globe Telecom says: “Our partnership with Ericsson Money Services and its interconnection network improves and expands access to our m-wallet scheme, GCASH in new countries. This is an exciting partnership bringing different mobile wallet services together and assures overseas Filipino workers of a better and broader international remittance service.”

The Philippines is one of the most mature international remittance countries in the world with almost 11 per cent of the population working overseas and sending money home to their families.

“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, co-founder and Chief Wireless Advisor of Smart Communications, Inc. (Smart). “No other remittance service in the country can connect overseas Filipinos to over 46 million mobile users in the Philippines,” Vea added.

Invite Friends – New Feature

Ericsson Money will also add its new ‘Invite Friends’ feature from today in all seven European countries. The new feature is a simple and easy way to invite friends, family and other contacts to join Ericsson Money and for users to send money to contacts yet to set up an Ericsson Money account.