Ericsson Turns to Mobile Wallet Amid Short-Term Uncertainty
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Ericsson AB, the world’s largest maker of wireless networking equipment, is making a new push into services such as money transfers over handsets, as short-term uncertainties weigh on growth of its traditional business, Chief Executive Officer Hans Vestberg said in an interview.
Ericsson, which makes about 37 percent of its revenue through services, said yesterday at the Mobile World Congress in Barcelona that it teamed up with Western Union Co. to grab a share of the $800 billion worth of ’m-commerce’ it estimates will be recorded by 2016. Such transactions allow customers to use their prepaid phone credit to pay for purchases on handsets.