Ericsson and F.I.R.S.T. Collaborate to Promote Mobile Fintech Innovation

By Consultants Review Team Wednesday, 24 April 2024

A groundbreaking two-year strategic relationship between Ericsson and the Indian Institute of Technology (IIT) Kanpur's Foundation for Innovation & Research in Science & Technology (F.I.R.S.T) aims to drive innovation in Mobile Financial Services (MFS) and Fintech solutions. The goal of this historic partnership is to discover new trends, technologies, and industry information in order to meet actual client demands. Its announcement comes at a critical moment, as the industry for digital wallets is expected to reach a valuation of over $16 trillion in transactions by 2028.

Ericsson's Wallet Platform, a powerful technology that supports more than 400 million registered mobile wallets and processes an astounding 2.8 billion transactions valued at more than $40 billion each month, is at the center of this endeavor. This partnership represents a big step forward for Ericsson in maintaining its position as a pioneer in innovation and technology in the financial services industry. By collaborating with F.I.R.S.T at IIT Kanpur, which is renowned for encouraging technical innovation, Ericsson hopes to leverage its extensive worldwide experience to propel significant advancements in the financial technology industry.

The agreement is significant, as stated by Michael Wallis-Brown, Global Head of Ericsson Mobile Financial Services: "This collaboration highlights Ericsson's commitment to innovation and its responsiveness to evolving market demands in Financial Services, Payments, and Mobile Money.We are excited about what this cooperation may do for our customers as well as the larger Fintech community."

"Our collaboration with F.I.R.S.T at IIT Kanpur marks a significant milestone in Ericsson's dedication to nurturing local talent and fostering impactful solutions," says Nitin Bansal, Managing Director of Ericsson India, echoing this view. Our goal is to become the industry leader in Mobile Money solutions by combining international knowledge with local knowledge, hence advancing inclusive growth and technological innovation in India."

The Startup Incubation and Innovation Centre (SIIC) at IIT Kanpur's Professor-in-Charge, Prof. Ankush Sharma, expressed enthusiasm for the upcoming journey by saying, "We are thrilled to embark on this transformative journey alongside Ericsson, leveraging our combined expertise to drive innovation in Mobile Financial Services." "This collaboration not only underscores our dedication to empowering communities through inclusive solutions, but it also exemplifies our commitment to fostering technological advancements," he said.

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