Ericsson said it has established a strategic partnership with payment services provider Trriple to provide managed mobile wallet services for the banking and smart city sectors in the United Arab Emirates (UAE).
The Sweden-based vendor said the Ericsson Wallet Platform would be combined with Trriple's services, providing an open platform that allows users to store, transfer and withdraw money using a mobile device.
Ericsson's Wallet Platform is part of the vendor's m-commerce portfolio and is designed to make the receiving and sending of money as easy as sending a text or making a phone call.
The multi-year collaboration is also designed to support the UAE's smart government initiative, which aims to make more than 2,000 government services available via smart platforms such as mobile devices.
Ericsson said the mobile wallet service is due to be launched by the end of 2016 and will initially be rolled out to 500,000 unbanked mobile subscribers, ultimately serving the entire UAE population of more than 9 million people.
Mobile payment services are increasingly playing a vital role in enabling people without bank accounts to carry out financial transactions in a secure way and reduce their reliance on cash.
However, the lack of education about such services can often prove to be a barrier. In a recent survey of five markets in Sub-Saharan Africa, Ericsson's ConsumerLab division found that uptake of device-based mobile money services in Sub-Saharan Africa is being hindered by barriers including a lack of awareness of what's on offer, and a want of understanding of the benefits of mobile money.
Peter Heuman, VP and head of m-commerce at Ericsson, noted that mobile financial services are nevertheless becoming a key economic differentiator and a main driver in the world today.
"Our partnership with Trriple will allow us to leverage on mobile financial services for consumers, and the UAE's banking and smart city sectors," he added.
For more:
- see this Ericsson release
Related articles:
Ericsson: Majority of Sub-Saharan mobile financial services accessed via agents, not phone
GSMA: Global mobile money account registrations grew by almost 100M in 2015
Mobile money usage drives financial inclusion in Rwanda and Ghana
Lyca launches new money transfer service with a mobile flavour
Vodafone reveals strong growth in M-Pesa transactions as it launches service in Ghana