Ericsson has unveiled its new extended suite of m-commerce solutions and services, designed to accelerate access and interconnection between the emerging m-commerce eco-system and the financial world to fast track the next generation of mobile financial services.
Ericsson is launching two new services within its m-commerce portfolio - Ericsson Converged Wallet and Ericsson Merchant Wallet. Both new services will be showcased at Mobile World Services in Hall 6 in addition to Ericsson Wallet Platform and Ericsson M-commerce Interconnect.
At a briefing in London yesterday (21 February 2012) Lars Arvidsson, Director M-Commerce at Ericsson, said: ‘ We foresee a lot of activity in m-commerce this year. Research suggests that there will be US$800 billion of m-commerce being processed by 2016. The mobile operators and card payment companies will take a big lead in developing m-commerce. The incumbents and new players will need to co-exist.’
Arvidsson revealed that Ericsson will be making a couple of major announcements at Mobile World Congress relating to new partners in the m-commerce eco-system.
He said that the Ericsson M-commerce services portfolio is designed to provide the world's leading consumers brands with the infrastructure and solutions needed to create and connect m-wallets across a global m-commerce eco-system. The portfolio of services will speed time to revenue, increase adoption and stickiness, cost efficiency and performance for mobile network operators, financial institutions, internet gaming companies and retailers. The M-commerce portfolio comprises four key products:
Ericsson Converged Wallet
The Ericsson Converged Wallet can unlock the potential of the m-wallet for operators and financial institutions by converting the accounts of over a billion consumers already on the Ericsson Billing & Charging Solution to m-wallets. Some 1.6 billion people worldwide who are already using a type of 'first generation' m-wallet voice accounts (pre and post-paid accounts), can now be easily converted to 'next generation' m-wallets through Ericsson Converged Wallet.
Ericsson Merchant Wallet
The Ericsson Merchant Wallet service will help provide large Internet brands and merchants with a solution for payments including payments; virtual currency transactions, loyalty points.
Ericsson Wallet Platform
The Ericsson Wallet Platform delivers software solutions and hosted services to enable secure and convenient mobile financial services, e.g. person to person money transfer, bill payment, merchant payments and micro loans.
Ericsson M-commerce Interconnect
The Ericsson M-commerce Interconnect acts as an eco system hub for money transfer; payment transactions and services between subscribers of Mobile Network Operators and other service providers (e.g. banks, money transfer organizations, payment service providers, Internet service providers).
The new services within Ericsson's m-commerce portfolio follow on from the launch of Ericsson M-commerce Interconnect showcased at MWC 2011. Following last year's event the Interconnect service went live in the Philippines connecting through partnerships with operators Globe Telecom (GCash) and Smart Communications (Smart Money) m-wallet schemes.