The technology giant has initially called in The Red Consultancy and Threepipe on a project basis, but could soon award hefty retainers to both agencies.
The Ericsson Money service allows mobile phone users to send, receive and spend money on mobile phones as easily as sending a text.
Money can be loaded to an eWallet via a credit or debit card and used to transfer funds to anyone with an Ericsson Money account.
Users will be able to withdraw cash through the service at Ericsson Money Card and Mastercard ATM locations. The service was launched this month in the UK, France, Germany, Italy, Spain, Poland and Sweden.
Red assisted with the launch PR and has been asked to promote the new service during the next few months. Threepipe has been called in to handle comms around a social media event, details of which have not yet been disclosed, alongside an integrated campaign.
Danielle Leon, head of comms at Ericsson Mobile Money Services, said: 'Threepipe and Red have been working on a project-based contract, but I am looking to start retained contracts.
'Mobile payments and person-to-person money transfers are expected to become some of the most-used mobile apps in the next two to three years.'