Accumulate AB

Swedish mobile operators select PayEx and Accumulate for their joint mobile payment service

Nyhet   •   Jan 16, 2012 17:15 CET

Stockholm, Sweden – January 17, 2012. 4T the joint venture company, including all Swedish mobile network operators, Telia, Tele2, Telenor and 3 has decided to base their 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 operator used. This will ease the situation when/if a user wants to change service provider, though 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”, says Stefan Hultberg, CEO and Co Founder of Accumulate.

The new 4T service will be delivered by PayEx and Accumulate, where the account holding and infrastructure services will be developed and operated for 4T by PayEx. The mobile wallet application solution and the mobile security are based on Accumulate's award winning mobile security platform ME.

The mobile payment service will be an alternative for cash and card payments and will cover all payment situations;
•    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 this summer. The service will at launch be available for 97 percent of Swedish mobile subscribers and covers almost any mobile handset delivered from 2006 onwards.

About 4T
4T Sweden AB is a newly established company for mobile payment services in Sweden. The company is owned by the four mobile operators Telia, Tele2, Telenor and 3. The launch takes place at summer 2012. The company's services will be marketed under a new brand that will be communicated shortly.

More information
Stefan Hultberg, +46 70 350 5704, stefan.hultberg@accumulate.se.
Lars Aase, +46 701 44 18 22, lars.aase@accumulate.se.