Ericsson will integrate Verifone software into its wallet solution after signing a partnership with the US-based tech company.
The deal sees payment options for the Ericsson Wallet expanded to include contactless near field communication (NFC) and tap-and-pay services.
Verifone, which specialises in mobile payment solutions for point of sale (POS) devices used in retail, is contributing its Mobile Money Retail Enablement software suite.
Ericsson’s m-commerce platform is designed to enable operators to reuse existing assets and bundle telecom offerings with financial services.
It is mainly focused on emerging markets; the Sweden-based company has refused to disclose how many operators have signed up to use the service.
A January report from Deloitte forecast that that five percent of the base of 600-650 million NFC-enabled phones will be used at least once a month to make an in-store payment by the end of this year.
Ericsson’s Head of M-Commerce Peter Heuman said: “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.
“Our partnership with VeriFone Mobile Money represents continued advancement of these efforts, helping mobile subscribers with more choices in where and how they can shop.”
Chris Jones, Chief Executive of VeriFone Mobile Money added: “This 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.”