Sweden-based mobile payment and security provider Accumulate has been selected as the supplier of a mobile wallet service to 4T, a new payment solutions consortium created by Sweden’s four mobile network operators.

Taking advantage of NFC when available, the mobile payment service promises to be an alternative to cash and card payments in all payment situations, including point-of-sale, online, person-to-person and man-to-machine. According to Stefan Hultberg, CEO of Accumulate, the deal is a major breakthrough for mobile payments and an important milestone for the company.

”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”, states Hultberg.

Accumulate will deliver the service in conjunction with long-term partner PayEx, with Accumulate’s ME platform acting as the backbone for mobile security and payments.

The service, along with 4T, will be launched in Sweden in the summer of 2012.