CIO Today

CIO Today Network Sites:   Top Tech News  |   CIO Today   |   Mobile Tech Today   |   Data Storage Today
Daily Briefing for Technology's Top Decision-Makers
Eliminate costly downtime!
Find out how with Free White Paper
& enter to win a Samsung Galaxy Note

www.apc.com
Thursday, April 24th 
24/7/365 Network Uptime!
This ad will display for the next 20 seconds. Please click for more information, or scroll down to pass the ad, or Close Ad.
Trending Topics:   Security Heartbleed Big Data Cloud Computing Windows XP Data Centers OS X Mavericks
Home
Enterprise Software
Enterprise Hardware
Big Data
Network Security
Cloud Computing
CRM Systems
Data Storage
Operating Systems
Communications
CIO Issues
Mobile Tech
Chips & Processors
World Wide Web
Business Briefing
After Hours
Press Releases
 
Free Newsletters
Top CIO News
 
Mobile Tech Today
 

Mobile Tech

T-Mobile's Mobile Money Challenges Traditional Banks

T-Mobile
January 22, 2014 10:24AM

Bookmark and Share
Mobile Money would be a big step for any wireless carrier, even those doing strong business. For T-Mobile to step into the new space when it's still just a couple quarters into a recovery makes many feel a bit uncomfortable. T-Mobile's Mobile Money is a good idea but T-Mobile has to strengthen itself financially before wandering outside the lines.

Your Next Generation Data Center Is Here! Vblock™ Systems: the world's most advanced converged infrastructure are built on the Cisco Unified Computing System with Intel® Xeon® processors. Vblock™ Systems deliver extraordinary time to market, ROI and TCO, and flexibility to meet your continually changing demands with 5X faster deployment, 96% less downtime, and 1/2 the cost. Click here to learn more.

Shaking the industry up once again, T-Mobile is going where no wireless carrier has gone before, extending its so-called “un-carrier” movement into the realm of personal finance. The U.S.’s fourth-largest wireless carrier is working to transform smartphones into personal money managers that can free people from excessive fees they often pay to use their own money.

Dubbed Mobile Money by T-Mobile, the service aims to help counter trends like rising ATM, overdraft and monthly maintenance fees. Mobile Money combines a smartphone money management app that works with a reloadable T-Mobile prepaid Visa card. There are no fees for the card if you’re a T-Mobile customer.

"We've already transformed how Americans use and pay for phones, tablets and wireless service; why stop there?" asked John Legere, president and CEO of T-Mobile. "Millions of Americans pay outrageous fees to check cashers, payday lenders and other predatory businesses -- just for the right to use their own money. Mobile Money shifts the balance of power for T-Mobile customers and keeps more money in their pockets."

Facts and Figures

Again, the cost is zero. There is no charge for activation, monthly maintenance, in-network ATM withdrawals, or for replacing lost or stolen cards. No minimum balances are required. No overdraft fees can be incurred. And there are no unnecessary trips to the bank or a check casher.

Mobile Money allows for 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.

Of course, T-Mobile isn’t a complete stranger to personal financing products. The company offers customers the option to finance smartphone purchases, but this takes the opportunity to a whole new level -- and the 68 million U.S. adults the FDIC estimates don’t have traditional accounts may welcome it.

"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."

Too Much, Too Fast?

We caught up with Jeff Kagan, an independent technology analyst, to get his take on the new program. Although he gives T-Mobile kudos for the recent turnaround, he told us when a company steps way ahead of it's own headlights you need to simply wait and watch. (continued...)

1  |  2  |  Next Page >

 

Tell Us What You Think
Comment:

Name:



 Mobile Tech
1. OnePlus One Boasts Android Weapon
2. Samsung: $2.2B Too Much for Apple
3. Review: Windows Phone Advances
4. Microsoft-Nokia Deal Closes this Week
5. Samsung Data Center Catches Fire




 Most Popular Articles
1. BlackBerry Drops T-Mobile After Nasty Spat
2. Cisco, IBM Launch Internet of Things Consortium
3. Salesforce CRM Gets Industry Specific for Internet of Customers
4. Intel Bets on Cloudera for Big Data Analytics
5. SAP HANA Data Warehouse App Gets Faster Analytics

Have an informed opinion on this story?
Send a Letter to the Editor.
We want to know what you think.
Send us your Feedback.

 Related Topics  Latest News & Special Reports

  Google Maps, Now with Time Travel
  Lessons from Verizon's Threat Report
  NYPD Twitter Campaign Backfires
  Net Gets Faster, But Easier to Attack
  OnePlus One Boasts Android Weapon

 Technology Marketplace
Business Intelligence
Get real-time, cloud-based information services with Neustar.
 
Cloud Computing
Next Generation Data Center Is Here! Vblock™ Systems from VCE
 
Contact Centers
HP delivers the future of the contact center with HP Qfiniti 10.
 
Data Storage
Next Generation Data Center Is Here! Vblock™ Systems from VCE
Barium Ferrite (BaFe) is the future of tape.
2.5" Enterprise-class SATA & SAS SSDs for server & storage applications
 
Enterprise Hardware
Barium Ferrite (BaFe) is the future of tape.
2.5" Enterprise-class SATA & SAS SSDs for server & storage applications
 
Hardware
Protect your network with APC Smart-UPS battery backup
 
Network Security
Protect your network with APC Smart-UPS battery backup
 

Network Security Spotlight
What Verizon's Data Breach Report Can Teach Enterprises
It’s probably not a jaw-dropper, but cyberespionage is officially on the rise. And the use of stolen or misused credentials is still the leading way the bad guys gain access to corporate information.
 
Top Cyberthreats Exposed by Verizon Report
Beyond Heartbleed, there are cyberthreats vying to take down enterprise networks, corrupt smartphones, and wreak havoc on businesses. Verizon is exposing these threats in a new report.
 
Where Do Web Sites Stand, Post-Heartbleed?
A security firm says the vast majority of Web sites have patched themselves to protect against the Heartbleed bug, but now there are questions raised on the reliability of open-source programs.
 
Navigation
CIO Today
Home/Top News | Enterprise Software | Enterprise Hardware | Big Data | Network Security | Cloud Computing | CRM Systems
Data Storage | Operating Systems | Communications | CIO Issues | Mobile Tech | Chips & Processors | World Wide Web
Business Briefing | After Hours | Press Releases
Also visit these Enterprise Technology Sites
Top Tech News | CIO Today | Mobile Tech Today | Data Storage Today

Services:
FreeNewsFeed | Free Newsletters | XML/RSS Feed

About CIO Today Network | How To Contact Us | Article Reprints | Services for PR Pros (In partnership with NewsFactor) | Top Tech Wire | How To Advertise

Privacy Policy | Terms of Service
© Copyright 2000-2014 CIO Today. All rights reserved. Article rating technology by Blogowogo. Member of Accuserve Ad Network.