Ericsson and IIT Kanpur Join Forces to Drive Mobile Fintech Innovation

Ericsson and IIT Kanpur Join Forces to Drive Mobile Fintech Innovation
Preeti Bali / 8:32 am / April 25, 2024

Ericsson and the Foundation for Innovation & Research in Science & Technology (F.I.R.S.T) at the Indian Institute of Technology (IIT) Kanpur have announced a groundbreaking two-year strategic partnership. This collaboration focuses on accelerating innovation in the realm of Mobile Financial Services (MFS) and Fintech solutions. The primary goal is to identify cutting-edge technologies, upcoming trends, and valuable market insights to address the real needs of mobile finance customers.

This partnership comes at a critical time, as the digital wallet market is projected to experience tremendous growth, with transaction volumes expected to surpass $16 trillion by 2028.

Ericsson’s Wallet Platform Takes Center Stage

Ericsson’s robust Wallet Platform sits at the core of this initiative. This established system currently supports over 400 million registered mobile wallets and processes a staggering 2.8 billion transactions valued at over $40 billion each month.

For Ericsson, this partnership signifies a significant step forward in solidifying their position as a leader in financial services technology and innovation. By combining their global experience with the renowned technological ingenuity of F.I.R.S.T at IIT Kanpur, Ericsson aims to drive substantial advancements in the Fintech sector.

Shared Vision for a Brighter Financial Future

Leaders from both organizations expressed their enthusiasm for the partnership and its potential impact. Michael Wallis-Brown, Global Head of Ericsson Mobile Financial Services, emphasized the company’s commitment to innovation and its ability to adapt to evolving market demands. He highlighted the positive impact this collaboration will have on both Ericsson’s clientele and the broader Fintech ecosystem.

The managing director of Ericsson India, Nitin Bansal, agreed. He pinpointed the partnership as a significant milestone in Ericsson’s dedication to fostering local talent and developing impactful solutions. Bansal stressed the importance of combining global expertise with local insights to become a leader in Mobile Money solutions. He envisioned this collaboration contributing to both technological excellence and inclusive financial progress in India.

IIT Kanpur Shares Excitement for Collaborative Innovation

Professor Ankush Sharma, Professor-in-Charge at the Startup Incubation and Innovation Centre (SIIC) at IIT Kanpur, expressed immense excitement about the upcoming journey. He emphasized the institute’s thrill to collaborate with Ericsson, leveraging their combined expertise to drive innovation in Mobile Financial Services. Professor Sharma further highlighted that this partnership not only exemplifies their commitment to technological advancements but also underscores their dedication to empowering communities through inclusive financial solutions.

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