Ericsson Money Services launches cross border international remittance service in Europe and Philippines
- Next step in bringing a full suite of convenient, cost-efficient, secure and instant mobile financial services to consumers globally
- The new international remittance service connects with local partners Globe Telecom (GCash) and Smart Communications (Smart Money) e-wallet schemes
- Cross border money transfers to family and friends will now become more like mobile communication as connected mobile money services become available to and from seven European countries and the Philippines
- Overseas workers in Europe sending and receiving money to and from un-banked friends and family in the Philippines will be offered peace of mind through 24/7 safe access to their money making it as easy and instant to send as a text through their mobile phones
- Ericsson Money adds new ‘Invite Friends’ function in Europe as an easy way for families, ‘social sharers’, cash-only consumers and non-domestic workers to invite contacts to join Ericsson Money
Today, 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
Notes to editors:
About Ericsson Money Services
Ericsson Money Services is a wholly owned subsidiary of the Ericsson mother company Telefonaktiebolaget LM Ericsson. 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.
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Ericsson is the world’s leading provider of technology and services to telecom operators. Ericsson is the leader in 2G, 3G and 4G mobile technologies, and provides support for networks with over 2 billion subscribers and has the leading position in managed services. The company’s portfolio comprises mobile and fixed network infrastructure, telecom services, software, broadband and multimedia solutions for operators, enterprises and the media industry. The Sony Ericsson and ST-Ericsson joint ventures provide consumers with feature-rich personal mobile devices.
Ericsson is advancing its vision of being the "prime driver in an all-communicating world" through innovation, technology, and sustainable business solutions. Working in 180 countries, more than 90,000 employees generated revenue of SEK 203.3 billion (USD 28.2 billion) in 2010. Founded in 1876 with the headquarters in Stockholm, Sweden, Ericsson is listed on NASDAQ OMX, Stockholm and NASDAQ New York.
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About Globe Telecom
G-Xchange, Inc. (GXI) is a pillar in m-commerce and a fully-owned subsidiary of Globe Telecom which is a leading full service telecommunications company in the Philippines. GXI pioneered the mobile commerce service called GCASH which was launched in the Philippines in October 2004. GCASH is an internationally-acclaimed micro payment service which transforms a mobile phone into a virtual wallet for secure, fast, and convenient money transfers at the speed and cost of a text message. Since GCASH launch, GXI has established a wide network of local and international partners that includes government agencies, utility companies, cooperatives, insurance companies, remittance companies, universities, and commercial establishments which have agreed to accept GCASH as a means of payment for products and services. GCASH made a major breakthrough in being the first non-financial institution to launch a customizable ATM Card linked to a mobile wallet that provides 24/7 access to over 9,000 ATMS in the Philippines.
About Smart Communications Inc (Smart)
Smart Communications, Inc. (Smart) is the Philippines' leading wireless services provider with 46.6 million subscribers on its GSM network as of end-March 2011. Smart has built a reputation for innovation, having introduced world-first wireless data services, including mobile commerce services such as Smart Money, Smart Load and Smart Padala. Smart also offers 3G and HSPA services. Its Smart Link service provides communications to the global maritime industry. Smart Broadband, Inc., a wholly-owned subsidiary, offers a wireless broadband service, Smart BRO, with over 1.4 million subscribers as of end-March 2011. Smart is a wholly-owned subsidiary of the Philippines' leading telecommunications carrier, the Philippine Long Distance Telephone Company. For more information, visit www.smart.com.ph.