4T selects PayEx and Accumulate for joint mobile payment service
4, the joint venture formed of Sweden’s four mobile network operators, Telia, Tele2, Telenor and 3, will base its mobile wallet service on services and technology from PayEx and Accumulate.
The mobile wallet service will be the same from all operators giving the end users the same payment options and look and feel independent of which operator they subscribe to. This will ease the situation when/if a user wants to change service provider, as the mobile wallet service remains and doesn’t need to be changed.
”This is a major breakthrough for mobile payments and an important milestone and approval of our technology. The Swedish operators have the opportunity and the will to be part of setting a new and open standard for mobile payments that combine security, ease of use and flexibility in a cost effective way”, Stefan Hultberg, CEO and Co Founder of Accumulate, said.
4T’s account holding and infrastructure services will be developed and operated by PayEx. The mobile wallet application and mobile security will be based on Accumulate’s mobile security platform ME.
The mobile payment service will be an alternative for cash and card payments and will cover payment situations including;
• POS including NFC when available
• Online
• person-to-person
• man-to-machine (for example vending machines, parking meters, charging of electrical cars, etc).
The joint mobile wallet service is planned for launch before summer 2012. A statement from Accumulate said the service would at launch be available for 97 percent of Swedish mobile subscribers and cover almost any mobile handset delivered from 2006 onwards.