Ericsson Money, a subsidiary of Ericsson Group to which Sony Ericsson belongs, is bringing its money transfer business into the Philippines. In partnership with Globe GCash and Smart Money, Ericsson Money aims to tap the OFW remittance goldmine.
How does Ericsson Money’s money transfer model work?
The concept is simple. You send and receive money using your mobile phone or online. You only need to set up your account then load your eWallet with your debit card, credit card or by bank transfer. If you want to send money to someone, the recipient only needs an account with Ericsson Money or with one of its network partners, which, in the case of the Philippines, are Globe and Smart. For a limited time, Ericsson Money will not be charging commission fee for sending money, which means they will start charging in due time.
Currently, however, Ericsson Money is only available in France, Germany, Italy, Poland, Spain, Sweden and the United Kingdom. The Philippines is the only country outside Europe that is currently supported by Ericsson Money, and apparently only in a receiving capacity as setting up an account is limited to the aforementioned European countries.
Is Ericsson Money offering something new as claimed? If you look at the current options available for money transfer, there is Paypal and similar services, which requires you to set up and maintain an account in order to receive the money, and shops like Western Union, which requires you to go to one of their branches to claim the money remitted. Ericsson Money’s mobile phone to mobile phone remittance service will indeed be the first of its kind in the Philippines.
Go here to learn more about Ericsson Money.