Ericsson honored for mobile money project in Peru

Recognized with Disruptive Digital Payments Award for work with ASBANC, Peru’s National Bank Association. Winning solution powers next-generation mobile financial services included in Peru’s largest private initiative for financial inclusion.

Ericsson today announced that it was presented with a 2014 Mobile Money & Digital Global Payments Award for Disruptive Digital Payments for its leading work with ASBANC, Peru’s National Bank Association, to improve financial inclusion in Peru. The recognition took place as part of The Mobile Money and Digital Payment Conference, which was held in Istanbul from November 18-20. The awards program recognizes exceptional achievement and advancement within the mobile money sector, highlighting organizations that have changed the game for digital payments in 2014 and that are disrupting the global payments marketplace.

Lars Arvidsson, Head of Global Sales, M-commerce, says: “The freedom to send, spend and receive money with a mobile phone is quickly becoming an essential part of life for billions of people. It's a cornerstone of the Networked Society, a strong driver of ubiquitous access to mobile money, and a great business opportunity. Part of our vision of a Networked Society is a more open, easy and accessible mobile money network that offers more choices than restrictions. Ericsson drives this change of making money more open by developing secure, flexible platforms that help build an interconnected and transparent financial ecosystem.”

ASBANC wanted to provide next-generation mobile financial services with the goal of including 2.1 million unbanked Peruvians, about seven percent of the total population, within five years. It selected Ericsson to power next-generation mobile financial services included in its Digital Mobile Money project, the country's largest private initiative for financial inclusion. The solution is explicitly tailored to provide a new channel enabling financial inclusion, providing easy-to-use and secure next-generation mobile financial services, including those who do not have access to traditional banking services.

Ericsson will provide ASBANC with services such as systems integration, application development and maintenance, learning services, support services and managed services as part of a five-year contract.

Mobile financial services are a global game-changer with an open money network being the connection needed between the financial industry and telecom to increase both the commercial and social benefits. At the event, Ericsson also presented on the future of payments and mobile financial services innovation. The company drew on extensive ConsumerLab research and global deployments to provide insight on how to evolve person-to-person mobile money transfers to widely-accessible services that are an indispensable part of life.

“We believe that banks, retailers and mobile operators will play a significant role in the m-commerce value chain and create whole new revenue streams. When we are part of building the ecosystem we open up for all relevant parties to connect, banks and financial institutions, money transfer organizations, internet companies and mobile operators. This will create a new type of ecosystem that is open for everyone to join to make mobile money transactions as easy as sending an SMS,” says Arvidsson.

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Ericsson is the driving force behind the Networked Society – a world leader in communications technology and services. Our long-term relationships with every major telecom operator in the world allow people, businesses and societies to fulfill their potential and create a more sustainable future.

Our services, software and infrastructure – especially in mobility, broadband and the cloud – are enabling the telecom industry and other sectors to do better business, increase efficiency, improve the user experience and capture new opportunities.

With more than 110,000 professionals and customers in 180 countries, we combine global scale with technology and services leadership. We support networks that connect more than 2.5 billion subscribers. Forty percent of the world’s mobile traffic is carried over Ericsson networks. And our investments in research and development ensure that our solutions – and our customers – stay in front.

Founded in 1876, Ericsson has its headquarters in Stockholm, Sweden. Net sales in 2013 were SEK 227.4 billion (USD 34.9 billion). Ericsson is listed on NASDAQ OMX stock exchange in Stockholm and the NASDAQ in New York.

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