Ericsson has helped to launch a mobile money service in Peru as it looks to provide financial services to the 2.1 million unbanked people in the Latin American country.

The deal with ASBANC, Peru's National Bank Association, sees private banks, the country's major Cajas, or savings banks, and the publically-owned Bank of the Nation join forces to create a company dedicated to rolling out a range of services.

The new company, Pagos Digitales Peruanos, has used Ericsson's Wallet Platform to create a service called Bim that enables subscribers to send, receive and spend money with their mobile devices.

Ericsson and ASBANC first announced plans to launch a service back in August 2014.

Oscar Rivera, President of ASBANC, said: "We see a 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 important companies within the private sector."

[M-payments: Last call for operators as window of opportunity closes]

Peter Heuman, Head of M-Commerce, Ericsson said: "Ericsson is committed to advancing a more flexible and transparent global financial ecosystem.

"Our solution empowers banks and financial service providers to quickly launch mobile financial services.

"Our latest work with ASBANC is an example of Ericsson's mobile-first technologies that are helping to create flexibility, interoperability and efficiency needed for countries, telcos and banks.

"These synergies are essential to fully capitalize on today's mobile money opportunities."

Meanwhile, Ericsson has won a deal to supply Idea Cellular with a 4G/LTE network.

The contract with India's third largest mobile services operator also includes the transformation of existing 2G and 3G networks.

The vendor saw revenues in India rise 74 percent in 2015.

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