Mastercard and Ericsson have partnered to improve global money transfers and promote financial inclusion by linking their digital payment platforms.
The Head of Mobile Financial Services at Ericsson, Pavan Bachwal, said this in a statement on Wednesday.
He said the partnership connects the Ericsson Fintech Platform and Mastercard Move (Mastercard’s suite of money movement solutions) to help telecom operators, banks and fintechs expand digital wallet services and introduce new payment solutions.
Bachwal said the integration would help telecom operators, banks and fintech companies improve digital wallets and inaugurate new payment services.
He said Ericsson’s Fintech Platform, also known as Mobile Financial Services, operates in 22 countries and serves more than 120 million active users.
According to him, the platform processes more than four billion transactions every month across digital wallets, payments, remittances, lending and loyalty services, with enterprise-grade security.
He said the platform had pre-integrated application programming interfaces (APIs), cloud-based deployment and compliance-ready infrastructure that make it easier to connect to Mastercard Move.
Bachwal said this would reduce technical challenges, lower operational barriers and help providers bring new services to market faster.
“Together, we are driving financial inclusion, accelerating innovation, and creating new growth opportunities across the globe,” he said.
In his remarks, Pratik Khowala, the Global Head of Transfer Solutions at Mastercard, said Mastercard Move supports money movement across 200 countries and territories.
He said it connects more than 17 billion endpoints and supports transactions in 150 currencies.
Khowala said the partnership would create new revenue opportunities, strengthen digital ecosystems in emerging and developed markets, expand access to financial services for unbanked and underbanked communities.
According to him, the global rollout will begin in the Middle East and Africa where demand for mobile money and remittance services is high
