Libya is being used as a trial country for mobile commerce and financial services as part of a new partnership of Nokia Siemens Networks and MoreMagic Solutions. Although the project is currently stalled due to the unrest in Libya, the hope is that it will enable the delivery of a wide range of services from money transfers to mobile banking.
“The joint Mobile Payment Solution interconnects consumers, mobile operators, financial institutions, retailers, agents and other members of the mobile commerce and financial services value chain to enable seamless monetary transactions,” the companies said in a joint statement.
The approach is attractive for developing markets such as Libya, where fewer people have access to bank and credit cards to transfer money.
Rick Centeno, head of charging, billing and care at Nokia Siemens Networks said in a statement: “We are very excited about the growth in the mobile payments space in general and about mobile money and NFC payments in particular. Our partnership with MoreMagic provides us with a flexible architecture that integrates very well with our flagship products. The combination of MoreMagic solutions with Nokia Siemens Networks’ integrated Subscriber Data Management, Identity Management and Unified Charging provides a comprehensive set of Mobile Payment Solutions in this innovative market segment.”
Pankaj Gulati, CEO and Chairman, MoreMagic added: “Mobile commerce and financial services present some of the most exciting opportunities available today which are totally revolutionising the way people interact with cash and manage their finances. We are delighted to be partnering with Nokia Siemens Networks and look forward to the evolution of mobile payment services.”
By Jonathan Terry