Ericsson Money - a brand new way of transferring your money?

Screen-shot-2011-06-08-at-15.03.54 Ericsson have romped back into view with a new way of sending and receiving money via your mobile phone. They’re also hoping that it will become the future of paying for stuff without having to whip out some cash or a card.

It’s called Ericsson Money and it’s just launched across seven countries (UK, France, Germany, Italy, Spain, Poland and Sweden) – and for now, your transactions will be free, although there’s a set-up fee and a 3% charge for adding money to your account.

Once you have added money to your mobile wallet, from a debit or credit card or bank transfer, you’re up and running and can send money to a contact by inputting their name, their country and their mobile number. And that’s pretty much it.

Ericsson are hoping that eventually the new service will get the world in such a tizzy that they’ll use it to pay for online services and in shops, as well as paying bills. There’s also the potential for it to muscle in on Paypal’s action, which for some of you will be the only reason you’ll need to start using it.

Well then, what do you reckon? Are you ready for the future of banging your money about the place?



  • NotThatNew
    A really cracking idea! But not that new. Vodafone have been backing M-PESA in developing nations for some time (see as an example) for internal and international money transfers. Having checked out the Ericsson site, I can't really see much differnec in it (other than it looks like a nice site...).
  • Andrew M.
    So you need to pay 3% of your hard earned just to use their service? I'll stick with cash thanks!
  • Dick
    Will it be any better than paypal? No.
  • T
    I heard this reported on Radio 4 a day or so ago and I thought my prays had been answered, however after reading the above what a disappointment, to transfer £1000 into my account in France it will cost twice as much as the money transfer robbers are charging at the moment. If needed to deposited more than £1000 and my acount ..........Dream on dream on. What do they say T .... if it sound too good to be true......... blah.. blah..... blah!!!!!

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