Ericsson has partnered with VeriFone Mobile Money to offer a range of contactless near-field communication (NFC) and tap-and-pay services at point of sale.
Under the deal, the VeriFone Mobile Money retail enablement software suite will be integrated with Ericsson Wallet Platform to expand payment options, including in emerging markets.
According to Chris Jones, chief executive of VeriFone Mobile Money, the partnership will enable Ericsson's customers to realise the economic benefits of increased volumes of payment transactions, wider mobile money adoption and an improved consumer experience.
"NFC and contactless payments drive wallet adoption transactions at the merchant, and cashless economies. We are excited about the partnership and look forward to a long-term relationship."
Ericsson's m-commerce work includes a primary focus on financial inclusion efforts that bring greater mobile money flexibility to traditionally unbanked citizens, especially in emerging markets, says Peter Heuman, VP, head of m-commerce at Ericsson.
Its partnership with VeriFone Mobile Money represents continued advancement of these efforts, helping mobile subscribers with more choices in where and how they can shop, he adds.
Heuman points out the work is creating a more flexible, transparent and open financial ecosystem that helps key stakeholders speed the launch of mobile financial services to drive financial inclusion.
However, many organisations are challenged by decisions to invest in the right technologies with multitudes of offerings available in the market, says Rajiv Bhatia, head of sales, m-commerce at Ericsson Middle East and Africa. He adds lack of industry standards makes this decision even more challenging.
Working with technology solutions that are widely interoperable allows companies to easily launch new use cases and interact with the rest of the ecosystem, explains Bhatia.
He points out Africa has been the leading region across the world in the adoption of mobile money services - consumers have chosen to use mobile money based on the convenience, safety and security offered by mobile money as compared to traditional methods of transferring money.
East Africa has seen the widest adoption of mobile money with countries like Kenya, Uganda, Rwanda and Tanzania having seen strong growth in mobile money uptake, says Bhatia.
"In SA, the industry is in its early days - there is a lot of experimentation with mobile point-of-sale and mobile solutions, adds Bhatia.
Recently, First National Bank reportedly converted 20% of its credit card customer base to contactless - or NFC - technology.
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