Ericsson partners with Globe Telecom for mobile money services

1:01:00 AM

Ericsson partners with Globe Telecom for mobile money services
Globe Telecom reaches a landmark partnership with Ericsson as it integrates its m-commerce service GCASH into the recently launched Ericsson Money Services. The Ericsson Money Interconnect service is a network that allows mobile money operators (MMO) and financial institutions around the world to send money instantly to a GCASH wallet.

Globe is one of the first partners of Ericsson, the world's leading provider of telecommunications technology and services, for this innovative end-to-end mobile money solution. The partnership is expected to further improve and expand access to GCASH mobile money transfer services to more countries abroad.

"The Ericsson Money Services and its Money Interconnect service makes it a lot faster and easier for telcos and financial institutions to connect to GCASH," said Paolo Baltao, President of G-Xchange, Inc. (GXI), the mobile commerce subsidiary of Globe. "It also opens up GCASH to new corridors across the world and assures migrant workers of a better remittance service backed by one of the Philippines' top corporations, Globe Telecom."

"We are very pleased to have reached this important milestone with Globe, one of the pioneers and staunch advocates for the use of mobile money," said Semir Mahjoub, President of Ericsson Money Services. "We're excited to be working with Globe on this service as we share the joint vision of building a global and open mobile money ecosystem."

With the GCASH-Ericsson Money Services tie-up, the money sent from abroad is received on the GCASH wallet and can be easily cashed out in over 9,000 accredited payout locations, which include major partners like Villarica, Tambunting, Palawan and Prime Asia pawnshops, SM Department Stores, and in over 9,000 ATMs nationwide.

This innovation is expected to further spur economic growth in areas with little to no access to banks and other financial institutions.

About GXI and GCASH:

G-Xchange, Inc. (GXI) is a pillar in m-commerce and a fully owned subsidiary of Globe Telecom, a leading full-service telecommunications company in the Philippines. GXI pioneered the mobile commerce service called GCASH, launched in the Philippines in October 2004. GCASH is an internationally acclaimed micro-payment service that transforms a mobile phone into a virtual wallet for secure, fast, and convenient money transfers at the speed and cost of a text message. Since the GCASH launch, GXI has established a wide network of local and international partners that includes government agencies, utility companies, cooperatives, insurance companies, remittance companies, universities, and commercial establishments offering GCASH services. GXI made a major breakthrough in being the first non-bank institution to launch a customizable ATM Card linked to a mobile wallet. The GCASH Card provides subscribers 24/7 access to over 9,000 ATMS in the Philippines.

About Ericsson

Ericsson is the world's top provider of technology and services to telecom operators, and the leader in 2G, 3G, and 4G mobile technologies and managed services. It provides support to networks with over 2 billion subscribers. The company's portfolio comprises mobile and fixed network infrastructure, telecom services, software, and broadband and multimedia solutions for operators, enterprises, and the media industry. The Sony Ericsson and ST-Ericsson joint ventures provide consumers with feature-rich personal mobile devices as Ericsson advances its vision of being the "prime driver in an all-communicating world" through innovation, technology, and sustainable business solutions. With more than 90,000 employees working in 175 countries, Ericsson generated revenue of SEK 203.3 billion (USD 28.2 billion) in 2010. Founded in 1876 with headquarters in Stockholm, Sweden, it is currently listed on NASDAQ OMX, Stockholm, and NASDAQ New York.

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