Ericsson Money launched in seven European countries

Ericsson is going for the consumer market having launched its m-payment service across seven European countries. Dubbed Ericsson Money, the new service allows mobile phone users in the UK, France, Germany, Italy, Spain, Poland and Sweden to send and receive money and withdraw cash.

According to the Swedish company, this is the "first step toward bringing a full suite of convenient, cost-efficient, secure and instant mobile financial services to consumers globally." Money can be loaded to an eWallet via a credit or debit card and can be used to transfer funds to anyone with another Ericsson Money account. Additionally, there is an option to link the Ericsson Money PrePaid MasterCard to make purchases using the account.

Going forward, Ericsson will unveil the service in other European countries and include additional features in the mix, such as bill payments, online shopping and interconnection with similar services. "Simply having a friend phone number, irrespective of where he or she is in the world, will open up access to financial services and mobile money in a new way" said Semir Mahjoub, Ericsson VP and President of Ericsson Money Services.