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It claims to have a lower customer acquisition cost than traditional banks at $19, compared to hundreds of dollars for traditional banks.
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For example, through a collaboration with wireless providers Safaricom, Vodacom and Vodafone, mobile money transfer service M-Pesa reportedly services 30 million customers in 10 countries.īankMobile, which was launched in 2015, has traditionally focused on the student market it has relationships with 726 university campuses across the U.S. context, it’s relatively common in markets with bigger unbanked populations. While the provision of financial services may seem somewhat far off in a U.S. Knight said a financial services layer could help the wireless provider access more customer data, and it opens up possibilities of carrying out banking tasks at the cellular provider’s physical locations. Adding bank accounts could let the telecom provider learn more about its customers’ habits, letting it “own” the relationship and personalize it more. While BankMobile currently has 1.8 million account holders, T-Mobile has nearly 73 million customers and more than 20,000 physical locations. “ is in a good position to be a valuable partner in that space they have a good distribution network and a tight connection with the customer - you’re in your customers’ pockets all the time,” said Brian Knight, director of innovation and governance at the Mercatus Center at George Mason University. As the smartphone becomes a central hub for shopping, communication and the provision of services, a mobile banking product would let a cellular provider deepen its connection with its customers, and it offers potential new revenue streams. increasing (around half of banked Americans accessed their account through a smartphone last year, according to the Federal Reserve), analysts say a tie-up will let the digital banking provider access millions more customers and benefit from the geographic spread of T-Mobile’s store network and customer base. With mobile banking adoption rates in the U.S.