Ericsson and the Foundation for Innovation & Research in Science & Technology (F.I.R.S.T) at Indian Institute of Technology (IIT) Kanpur have forged a significant two-year strategic alliance aimed at advancing innovation in Mobile Financial Services (MFS) and Fintech solutions. This groundbreaking partnership is designed to discover emerging technologies, trends, and market insights to address authentic customer requirements. Its declaration comes at a pivotal moment, with the digital wallet market expected to exceed $16 trillion in transactions by 2028.
Leading this initiative is Ericsson's Wallet Platform, a robust system that backs over 400 million registered mobile wallets and handles an impressive 2.8 billion transactions, totaling over $40 billion monthly. For Ericsson, this partnership represents a major stride in solidifying its position as a frontrunner in technology and innovation in the Financial Services domain. By teaming up with F.I.R.S.T at IIT Kanpur, renowned for fostering technological innovation, Ericsson seeks to leverage its extensive global expertise to propel significant advancements in the fintech sector.
Michael Wallis-Brown, Global Head of Ericsson Mobile Financial Services, underscores the importance of this partnership, stating, "This collaboration underscores Ericsson's commitment to innovation and its responsiveness to evolving market demands in Financial Services, Payments, and Mobile Money. We are enthusiastic about the potential this partnership holds for our clientele and the wider Fintech ecosystem".
Nitin Bansal, Managing Director at Ericsson India, echoes this sentiment, highlighting, "Our collaboration with F.I.R.S.T at IIT Kanpur marks a significant milestone in Ericsson's dedication to nurturing local talent and fostering impactful solutions. By amalgamating global expertise with local insights, we aspire to lead the Mobile Money solutions space, contributing to technological brilliance and inclusive progress in India".
Prof. Ankush Sharma, Professor-in-Charge at the Startup Incubation and Innovation Centre (SIIC), IIT Kanpur, expressed excitement about the journey ahead, remarking, “We are thrilled to embark on this transformative journey alongside Ericsson, leveraging our combined expertise to drive innovation in Mobile Financial Services”. He also highlighted, “This collaboration not only exemplifies our commitment to fostering technological advancements but also underscores our dedication to empowering communities through inclusive solutions”.