Ericsson and IIT Kanpur partner to drive innovation in mobile financial services

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Telecom giant Ericsson announced its partnership with the Foundation for Innovation & Research in Science & Technology (F.I.R.S.T) at the Indian Institute of Technology (IIT) Kanpur.

The two-year partnership aims to drive innovation in mobile financial services (MFS) and fintech solutions, addressing the growing demand in an increasingly digital economy.

The collaboration is set against the backdrop of a projected surge in the digital wallet market, and expected to surpass $16 trillion in transactions by 2028. Ericsson’s Wallet Platform, which is said to support over 400 million registered mobile wallets and process 2.8 billion transactions monthly, positions the company as a frontrunner in the financial technology arena.

“Teaming up with F.I.R.S.T at IIT Kanpur, renowned for fostering technological innovation, this partnership leverages Ericsson’s global experience to drive meaningful advancements in the financial technology sector,” the company said in a press release.

Through this alliance, Ericsson and F.I.R.S.T at IIT Kanpur will try and carve out a niche in the rapidly evolving financial technology landscape.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow