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Ericsson Dishes Out its Own Mobile Payment System

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Feb 2, 2011, 1:07 PM   by Eric M. Zeman

Telecom gear provider Ericsson today announced a completely home-grown mobile payment system. Ericsson Money Services is a new business line for Ericsson which it says will be used to facilitate person-to-person and person-to-machine payments via mobile devices. The product is a complete system that network operators, financial institutions and handset makers can implement for seamless mobile payments. Ericsson says it has been trialling the system in European and Asia markets and that it meets all relevant legal, safety and security requirements. Ericsson says payments can be sent via SMS or other avenues, depending on the network operator and financial institution.

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