Swedish telecommunication provider Ericsson has launched its Mobile Money Service for its European Market, allowing mobile phone users to send and receive money from phone to phone via text message.
Users who sign up for the service can load money into an eWallet from a debit card, credit card or bank transfer. The money can then be transferred to friends and families in multiple countries. Mobile phone users will also be able to withdraw cash at Ericsson Money Card and Mastercard ATM locations where the service is provided.
Basic accounts will restrict the service of up to £1,600 ($2,600) a year, with premium accounts allowing users to load unlimited amounts of cash per year.
The service is currently free, although a commission fee will be charged after the free trial is complete.
Ericsson hasn’t made mobile phones in years but is hoping to bank on the new service, as mobile payment options and text-and-go payment methods are increasing in popularity with smartphone users.
The service is currently available in the United Kingdom, France, Germany, Italy, Spain, Poland and Sweden, with expansion plans across Europe soon.
Image via Travelpluto.com
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