Ericsson Money Services is expanding. The peer-to-peer mobile payment network was originally launched in June by Swedish telecom services provider Ericsson and was limited to consumers in UK, France, Germany, Italy, Spain, Poland and Sweden. Now, mobile phone users in the Philippines can send and receive funds through the network.
“Many people around the world are already more at ease using a mobile phone than they are a bank or money transfer office,” said Semir Mahjoub, Ericsson vice president and president of Ericsson Money Services, in the announcement. “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."
Ericsson Money Services allows consumers to set up a mobile wallet account that can be loaded using Visa and MasterCard branded debit and credit cards, or through a bank transfer. Money is then transferred to other account holders using simple SMS text messages to their mobile devices. Recipients can then withdraw the funds directly from ATMs around the world.
Ericsson Money Services is partnering with two companies in the Philippines, Globe Telecom and Smart Communications Inc., in this expansion.
According to Ericsson’s announcement, the Philippines is one of the most mature international remittance countries in the world. Almost 11 percent of Filipinos work overseas and send money home to their families.
