T-Mobile Entering Consumer Banking (Re/code)
Tuesday, T-Mobile announced a Mobile Money service, aimed at the 70 million Americans who are without banking services or who rely on expensive check-cashing and payday loan services. T-Mobile, with its bank partner Bancor, would allow customers to deposit checks through a mobile app, receive direct deposit payments, pay bills, use a debit Visa card and access ATMs without fees. T-Mobile only plans to charge for services for which it incrues hard costs and does not believe it will turn a profit from Mobile Money’s basic services. This is T-Mobile’s attempt to replicate functions commonly available via cellphone overseas, but it is not the mobile service provider’s version of using a smartphone as an electric wallet.
