Ericsson (ERIC: Quote) and Western Union (WU: Quote) Monday announced a strategic alliance at Mobile World Congress 2012 in Barcelona, Spain.
The integration of Western Union's Mobile Money Transfer Network and Ericsson suite of M-Commerce solutions would support mobile network operators further accelerate their launch of mobile financial services, Stockholm, Sweden-headquartered Ericsson said.
The Ericsson suite of M-Commerce solutions include Ericsson Converged Wallet, Ericsson Wallet Platform, and Ericsson M-Commerce Interconnect. Ericsson said the portfolio of services can speed time to revenue, increase adoption and stickiness, cost efficiency and performance for mobile network operators and deliver the technology infrastructure to support an interconnected M-commerce eco-system.
The alliance would enable mobile network operators to easily include Western Union Mobile Money Transfers in the service suite of their mobile financial service offers.
Ericsson said the alliance is designed to accelerate the interconnection between the m-commerce eco-system and the existing financial world. Ericsson said the alliance would next jointly explore strategic collaborations to further simplify the establishment of mobile financial services by mobile network operators.
Hans Vestberg, president and CEO of Ericsson, said," With 2012 set to be a year of rapid transition and dynamic change across the m-commerce industry, operators and financial institutions have a chance to evolve their role and meet consumer needs and expectations in new ways."
Diane Scott, chief marketing officer and president, Western Union Ventures, said," Ericsson and Western Union have a very powerful combination of global scale, relationships, complementary expertise and brands. Together we believe we can bring mobile financial services to more places in the world than ever before - unlocking the power of financial services for millions of people worldwide."
ERIC is currently trading at $10.05, down $0.22 or 2.14%, on the Nasdaq. Over the past year, the stock traded in a range of $8.58 - $15.44. WU is trading on the NYSE at $17.94, up $0.06 or 0.34%.
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by RTT Staff Writer
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