Better Mobile Banking for the Underbanked: Onsite Coverage
SAN JOSE, Calif. — No fee to fund a prepaid account via remote deposit capture. No fee to send money to some 135 countries. A prepaid Visa card is also available.
The list of user perks for BoostMobile’s MobileWallet, powered by Pasadena, Calif.-based app developer Wipit, just keeps growing, CEO Richard Kang said Wednesday at Finovate.
The intended audience, Kang said, is the unbanked and underbanked.
Presently, the BoostMobile MobileWallet is available only to customers of BoostMobile, a prepaid cellphone offering from number-three carrier Sprint.
Number-four carrier T-Mobile also offers a prepaid mobile wallet offering, although its deal presently is not filled with as many free perks.
Bill pay also is built into BoostMobile’s MobileWallet.
A real plus with BoostMobile’s MobileWallet is that when an MRDC deposit is accepted, the funds are immediate available, Kang said.
Competitive prepaid offerings often impose waits of five or more business days, he added.
Another plus for users, Kang said, is time savings for users. Before, they may have cashed a check at a check cashing store where often lines are long. They also may have purchased money orders at the Post Office, where there are also long lines.
BoostMobile’s MobileWallet users save time and money, Kang stressed.
A version of the app, named Wipit in the Google Play Store, is available to consumers who are not BoostMobile customers. That version involves more fees, such as $4 for a MRDC deposit.
Kang’s broader point was that the battle to serve the underbanked is heating up, and innovative technology is producing ways that bring financial service to that market in cost effective ways.