Ericsson Wallet Platform has been enabling mobile financial services for over a decade
Ericsson has been ranked as the number one digital wallet platform vendor by Juniper Research in their latest Digital Wallets report. In addition, Ericsson Wallet Platform has been awarded ‘Best Digital Wallet Platform’ at the Future Digital Awards for Fintech & Payments 2023 presented by Juniper Research.
The Ericsson Wallet Platform serves as a robust tool for telecom operators and financial service providers, empowering them to provide their customers with a seamless, secure, and personalized digital wallet experience. The platform plays a pivotal role in enhancing financial inclusion and the overall well-being of consumers through enabling all individuals, both banked and unbanked, to perform digital transactions including money transfers, payments, savings, investments, insurance, and borrowing. In doing so, the Ericsson Wallet Platform contributes significantly to redefining the financial landscape while spurring economic growth through ensuring broader access to financial services for everyone.
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Juniper Research’s Digital Wallets report presents an independent analysis of the current electronic wallets market, shedding light on the opportunities and challenges it presents. It ranked 15 digital wallet platform vendors across a variety of factors, including product quality, market positioning, capacity and capabilities. These vendors were also grouped into three categories: established leaders, leading challengers, and disruptors and challengers. Ericsson emerged as the number one digital wallet vendor overall, earning the title as an ‘Established Leader’ ahead of all other vendors.
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“This ranking is an important validation of our leadership and quality within the digital financial services space, a sector that plays an ever-expanding role in extending inclusive and secure financial services to all,” said Michael Wallis-Brown, Head of Mobile Financial Services at Ericsson. “We are well positioned to support our partners in capturing opportunities as the platform enables telecom operators and financial service providers to access new revenue streams, while providing customers with the best digital financial services experience that is simple, swift, seamless and secure.”
For over a decade, the Ericsson Wallet Platform has been enabling mobile financial services and is now available in 24 countries. It supports over 400 million registered mobile wallets and processes more than 2.8 billion transactions worth over $40 billion every month. every fifth mobile money transaction globally is processed through Ericsson Wallet Platform. With an open architecture offering a wide range of APIs for mobile financial service providers and their partners, the Ericsson Wallet Platform provides a full suite of technology, deployment, and operational services to launch and scale digital wallet services.
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According to Juniper Research’s Digital Wallets report, the total value of digital wallets transactions is expected to rise from $9 trillion in 2023 to surpass $16 trillion in 2028, a rise of 77%. Digital wallet users globally will rise by 46% from 3.7 billion in 2023 to 5,4 billion in 2028. Other trends identified by the report:
- Advanced services, including “buy now, play later”, microloans and personal financial management, are a key source of revenue growth for digital wallets, across both developed and developing markets
- The security benefits of digital wallets are driving adoption in eCommerce markets, as many consumers are reluctant to enter card information online
- Leveraging open banking is important for wallet providers
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