Ericsson & F.I.R.S.T at IIT Kanpur to drive next-gen Financial Solutions

By Gloria Mathias

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 two-year strategic partnership to drive innovation in mobile financial services (MFS) 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 $16 trillion in transactions by 2028.

Ericsson’s Wallet Platform supports over 400 million registered mobile wallets, processing 2.8 billion transactions valued at over $40 billion 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, renowned for fostering technological innovation, this partnership leverages Ericsson’s global experience to drive meaningful advancements in the financial technology sector.

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

Nitin Bansal, Managing Director at Ericsson India, shared, “Our collaboration with F.I.R.S.T. at IIT Kanpur represents a significant milestone in Ericsson’s commitment to fostering local talent and driving impactful solutions. By combining global expertise with local insights, we aim to lead the way in mobile money solutions, contributing to technological excellence and inclusive growth in India.”

Prof. Ankush Sharma, Professor-in-Charge, SIIC, IIT Kanpur, said, “We are thrilled to embark on this transformative journey alongside Ericsson, leveraging our combined expertise to drive innovation in mobile financial services.” He also stated, “This collaboration not only exemplifies our commitment to fostering technological advancements but also underscores our dedication to empowering communities through inclusive solutions.”

Through this partnership, both Ericsson and F.I.R.S.T. at IIT Kanpur are poised to make meaningful contributions to the rapidly evolving financial technology landscape, driving economic growth and digital inclusion globally.