Ericsson, the Swedish telecom equipment manufacturer, announced the launch of Ericsson Money Services, a new business line offering mobile financial services. According to the company, Ericsson Money Services and its Money Interconnect Service will give wireless carriers, banks and service providers access to mobile money services quickly and easily.

Aimed at both developed and emerging markets, Ericsson’s new service is intended to help unbanked consumers with access to cell phones participate in the growing mobile payment market. In the announcement, Ericsson estimates their service could benefit 1 billion consumers worldwide.

Semir Mahjoub, Head of Ericsson Money Services, said, "A new market is opening up consisting of consumers whose first meeting with banks will take place over a mobile phone and who may never own a plastic credit card. People who may never enter a bricks-and-mortar bank now have the opportunity to 'walk' into a virtual bank using their phone."

Ericsson is the world's largest manufacturer of telecom equipment. Their announcement follows similar announcements by other large wireless carriers, financial institutions and payment brands looking to bring mobile payments to the unbanked. Just this week, payment brand MasterCard Worldwide announced it is working with partners in Africa and Latin America to introduce payment networks to the unbanked in those regions.