With a history of disruption since John Legere took over, it’s not uncommon for people to try to guess what T-Mobile USA will do next. Financial services probably would not be on the list. Nonetheless, T-Mobile wants to play there too, launching their Mobile Money service. They apparently aren’t content in being your wireless carrier, they want to be your bank too.
Tying financial services with your phone isn’t a new concept. It’s been done in Japan for years. It is new, however, to this country. Specifically they are going after check cashing firms with a new app and a Prepaid re-loadable Visa card done in association with BankCorps. There are no fees associated with the card at all for T-Mobile customers. They offer access to 42,000 in-network ATMs, free re-loading in T-Mobile stores, free replacement of cards, and no monthly fees involved. The card is even available to those who aren’t T-Mobile customers…though the perks are reserved for those on the carrier.
Why would they move into this area? According to the carrier, there are 68 million adults in the U.S. that use non-traditional banking services. It’s not a stretch to see this as a gateway to move those customers to T-Mobile as their wireless provider as well. The big question is, would you use T-Mobile for your financial services? Leave a comment below for on social media.