New Delhi, April 24 : Telecommunications giant Ericsson and the Foundation for Innovation & Research in Science & Technology (F.I.R.S.T), the technology business incubator at Indian Institute of Technology (IIT) Kanpur on Wednesday announced a two-year strategic partnership to drive innovation in Mobile Financial Services (MFS) and Fintech solutions.

The collaboration will identify emerging technologies, trends, and market insights to address real customer needs.

"This collaboration reinforces Ericsson's dedication to innovation and meeting evolving market demands in Financial Services, Payments, and Mobile Money," Michael Wallis-Brown, Global Head of Ericsson Mobile Financial Services, said in a statement.

The collaboration intends to use Ericsson's global expertise and F.I.R.S.T's innovation ecosystem to develop ground-breaking solutions.

"This collaboration not only exemplifies our commitment to fostering technological advancements but also underscores our dedication to empowering communities through inclusive solutions," said Prof Ankush Sharma, Professor-in-Charge, SIIC, IIT Kanpur.

This partnership comes at a time when the digital wallet market is predicted to surpass $16 trillion in transactions by 2028, the company mentioned.

Nitin Bansal, MD at Ericsson India, said that by combining global expertise with local insights, "We aim to lead the way in Mobile Money solutions, contributing to technological excellence and inclusive growth in India".

Ericsson's Wallet Platform supports more than 400 million registered mobile wallets, processing 2.8 billion transactions valued at over $40 billion monthly.

/IANS