Ericsson and IIT Kanpur’s F.I.R.S.T. join forces to drive mobile fintech innovation

Ericsson and the Foundation for Innovation & Research in Science & Technology (F.I.R.S.T) at Indian Institute of Technology (IIT) Kanpur have inked a transformative two-year strategic partnership aimed at propelling innovation in Mobile Financial Services (MFS) and Fintech solutions. This landmark collaboration seeks to identify emerging technologies, trends, and market insights to cater to genuine customer needs. Its announcement arrives at a crucial juncture, with the digital wallet market poised to surge beyond $16 trillion in transactions by 2028.

At the helm of this venture is Ericsson's Wallet Platform, a robust system supporting over 400 million registered mobile wallets and processing a staggering 2.8 billion transactions valued at over $40 billion monthly. For Ericsson, this collaboration signifies a significant leap forward in reinforcing its stature as a leader in technology and innovation within the Financial Services realm. By joining forces with F.I.R.S.T at IIT Kanpur, celebrated for nurturing technological ingenuity, Ericsson aims to harness its global experience to drive substantial progress in the financial technology sector.

Michael Wallis-Brown, Global Head of Ericsson Mobile Financial Services, underscores the importance of this partnership, stating, "This collaboration underscores Ericsson's commitment to innovation and its responsiveness to evolving market demands in Financial Services, Payments, and Mobile Money. We are enthusiastic about the potential this partnership holds for our clientele and the wider Fintech ecosystem."

Nitin Bansal, Managing Director at Ericsson India, echoes this sentiment, highlighting, "Our collaboration with F.I.R.S.T at IIT Kanpur marks a significant milestone in Ericsson's dedication to nurturing local talent and fostering impactful solutions. By amalgamating global expertise with local insights, we aspire to lead the Mobile Money solutions space, contributing to technological brilliance and inclusive progress in India."

Prof. Ankush Sharma, Professor-in-Charge at the Startup Incubation and Innovation Centre (SIIC), IIT Kanpur, expressed excitement about the journey ahead, remarking, “We are thrilled to embark on this transformative journey alongside Ericsson, leveraging our combined expertise to drive innovation in Mobile Financial Services.” He also highlighted, “This collaboration not only exemplifies our commitment to fostering technological advancements but also underscores our dedication to empowering communities through inclusive solutions.”