I swore T-Mobile was suppose to go out of business like 4-5 years ago. The company makes me believe they’re really struggling to stay relevant with other companies, like AT&T, Verizon, and Sprint. But to become a bank? Come on, why are they doing this?
T-Mobile is establishing a new system called Mobile Money, which will be available for their all customers. All they’ll need is a phone number. Customers can go into any local T-Mobile store to open a checking account and they’ll receive a prepaid visa card with their money stored on it until a card with their name is mailed to them at a later date. It’s weird to say this, but their wireless carrier becomes their bank.
The service T-Mobile is providing isn’t fully like your normal bank. They still won’t have a savings account or any of those other services you my find at the local bank branch around the corner. But who’s to say they won’t develop if this move becomes a great success? One of my favorite benefits that Mobile Money will be offering is the opportunity to pay your bills using its service. Thumbs up to that.
This step is by far the most odd, in my opinion, position a phone company is taking. I wonder what’ll happen after all the other phone company see what Mobile Money does for the wireless business. Will their be more mobile carrier checking accounts? Sprint better not try it!