Mobile commerce and financial services are currently being trialled in Libya as part of a new global partnership between Nokia Siemens Networks and MoreMagic Solutions. The two firms will deliver their jointly developed Mobile Payment Solution to various global markets, enabling the delivery of a wide range of services including money transfer, mobile banking, mobile payments and near field communication (NFC) proximity payments.
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 approach is particularly attractive for developing markets 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: “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.”
LPTIC (Libya Post, Telecommunications and Information Technology Holding Company) is trialling Mobile Payment Solutions in close collaboration with Al Madar and Libyana, the two leading mobile operators in Libya. LPTIC plans to extend mobile payments as a service to all mobile operators across Libya as an enhancement to its operations. The Project which is set to run over a period of four months, will provide customers with easy, secure and convenient access to basic financial services which has previously been enjoyed only by a small percentage of the population and access to NFC proximity payments for purchasing anywhere at any time.
Dr. Samir Elbuni CEO of LPTIC said “We are delighted to bring state-of-the-art mobile payments technologies to Libya through internationally recognized partners. We believe that the market is primed for such a solution and we expect a huge acceptance in the market by mobile-savvy consumers.”