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T-Mobile Launching Mobile Money as Banking Alternative

So this is something of an odd move, yet it definitely has an appeal to it. T-Mobile has announced their new service Mobile Money, which is essentially a T-Mobile bank account that revolves around your smartphone.

Mobile Money is free for existing T-Mobile users and provides a prepaid Visa card that can be used more or less like a bank card; pay for items, withdraw cash from an ATM, etc. The Mobile Money-specific app will even let you deposit checks into your account by snapping a picture of the check with your camera. All of this comes with no monthly fees.

You can sign up for Mobile Money right now and beginning in February, Safeway stores across the country will be selling the prepaid Visa cards. According to T-Mobile’s chief marketing officer Mike Sievert, Mobile Money is a great alternative to fee-heavy banks.

With all of the recent talks about income inequality in America, trust in banks seems to be at an all-time low, so this may be the perfect time to launch something like this.

via The Verge

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