Ericsson India and the Foundation for Innovation & Research in Science & Technology (F.I.R.S.T) at Indian Institute of Technology (IIT) Kanpur have agreed a two-year strategic partnership. The aim is to drive innovation in mobile financial services and fintech solutions. The partnership will identify emerging technologies, trends, and market insights to address real customer needs. 

This collaboration comes at a pivotal moment as the digital wallet market is predicted to surpass $16trn in transactions by 2028.

Ericsson’s Wallet Platform supports over 400 million registered mobile wallets. It processes 2.8 billion transactions valued at over $40bn monthly. This collaboration represents a significant stride for Ericsson in affirming its leadership in technology and innovation within the Financial Services space. Teaming up with F.I.R.S.T at IIT Kanpur, enables the partnership to leverages Ericsson’s global experience to drive meaningful advancements in the financial technology sector.

Michael Wallis-Brown, Head of Ericsson Mobile Financial Services, said: “This collaboration reinforces Ericsson’s dedication to innovation and meeting evolving market demands in financial services and mobile money. We’re excited about the possibilities this partnership unlocks for our customers and the broader ecosystem.”

Prof. Ankush Sharma, Professor-in-Charge, SIIC, IIT Kanpur, added: “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 exemplifies our commitment to fostering technological advancements. It also underscores our dedication to empowering communities through inclusive solutions.”

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