Telecom equipment vendor Ericsson will be powering Mobile Money project for ASBANC or National Bank Association in Peru.
As per the deal, Ericsson will design and implement the mobile money project, Peru’s largest private initiative for financial inclusion.
According to Asbanc estimates, the mobile financial services will enable 2.1 million unbanked Peruvians to own a mobile wallet by 2019.
Ericsson will supply its m-commerce solution including the development of a mobile money platform, systems integration, learning services, managed services and support.
The solution also allows financial service providers to reuse existing assets to bundle secure telecom and financial services. In addition, Ericsson will provide ASBANC with systems integration, learning services, managed services and support.
Ericsson ConsumerLab says up to 74 percent of people who are not using m-commerce solutions today would be interested in using such services through their mobile phones in Latin America. 61 percent of the population in Latin America is unbanked.
The Ericsson Wallet Platform gives users the ability to store, transfer and withdraw money in a completely secure environment.
Oscar Rivera, president of ASBANC, said: “We see great potential for this platform to extend and further strengthen the financial system in Peru. This is a huge inclusive effort done by the financial industry that now can count on the support from very important companies within the private sector.”
Ericsson in a statement said that the full solution will be implemented in phases and ASBANC plans to make the next generation mobile financial services generally available in the Peruvian market during 2015.