T-Mobile has introduced a smartphone money management application designed for use with a re-loadable T-Mobile Visa Prepaid Card that offers many reduced fee or $0 cost services for registered T-Mobile wireless customers.
With rise in number of smartphones, mobile transactions are rapidly growing giving a huge opportunity for banking institutions and service providers. According to Bankrate’s 2013 Checking Survey ATM, overdraft and monthly maintenance fees all hit record highs last year.
Described as the next phase of its consumer revolution of Mobile Money by T-Mobile, the new app offers free services including service activation, monthly maintenance, in-network ATM withdrawals, or for replacing lost or stolen cards registered T-Mobile wireless customers. There are no overdraft fees either.
Mobile Money builds on T-Mobile’s financing experience to provide a sensible and affordable alternative to checking fees for the roughly 68 million U.S. adults who do not have traditional accounts and have to rely on alternative financial services.
“It’s ridiculous that families, especially those who can least afford it, have to pay so much for basic check cashing services that many of us take for granted,” said Mike Sievert, chief marketing officer for T-Mobile.
“Mobile Money levels the playing field to put money back in consumers’ pockets for important things – like bills, groceries or vacations. The typical household using a check casher to cash their paychecks could save about $1,500 per year, and customers tired of getting hit with overdraft fees can switch and save an average of $225 a year,” Sievert added.
Mobile Money also allows customers do all activities common in traditional accounts, including direct depositing paychecks, depositing checks from capable smartphone cameras, making retail purchases, paying bills and withdrawing cash from more than 42,000 in-network ATMs nationwide with no ATM fees.
T-Mobile also gives customers the option of financing smartphone purchases without charging any interest.
Also read: T-Mobile US acquires 700 MHz spectrum from Verizon for $2.4 billion
