Telecom giant Ericsson is set to launch its money transfer business in the Philippines and connect the country to seven European nations.
The Swedish firm’s new business line — Ericsson Money Services — began in February this year, offering mobile financial services or allowing the movement of funds using a mobile phone.
The company said the service aims to address the “needs both in developed and emerging markets where consumers will benefit from getting basic banking and payment services into their phones."
The new service allows mobile phone users in the Philippines to send and receive money to and from their families and friends in some countries in Europe.
The firm did not provide further details prior to its launch later this month.
The said service, the company said, can also be accessed online through a dedicated website and through Facebook and Twitter.
“The service gets rid of third-party remittance centers or banks as the sender and receiver can personally transact online or through their mobile phones making transactions more secure," it said.
The said service was not new to the Philippines as there are already a number of local telecom companies that have launched the same money transfer service years back.
Ericsson said its service can store, transfer, and withdraw money from a mobile phone; make transfer payments; and conduct banking transactions even without a bank account.
“Mobile payments and person-to-person money transfers are forecasted to become some of the most-used mobile applications in many countries in the next two or three years," the company said.
“Mobile money will become a foundation for person-to-machine and machine-to-machine connections by 2020, when Ericsson envisions a world with more than 50 billion connected devices," Ericsson said.
© GMA News
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