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T-Mobile is launching mobile banking solution 'T-Mobile Money'
T-Mobile is getting back into the mobile banking game. The company is launching T-Mobile Money, a checking account that will offer perks to T-Mobile subscribers. The company hasn't officially announced the launch of T-Mobile Money, but mobile apps are available for iOS and Android, and the website for the service went live today.
What to keep in mind before switching to a mobile-first bank
The day I got my first-ever paycheck, I scrawled my signature on the back, went to the bank, dropped it off with a kindly teller and left with a deposit slip and a smile on my face. A few years after that, a Canadian financial titan bought my bank and started managing it differently. That made the decision to embrace an upstart, mobile-first bank -- Simple, in this case -- that much easier. I can't pretend that the idea of trusting my money to a startup wasn't a little worrisome, but the appeal of novel features and Silicon Valley speed quickly won me over and I haven't looked back. You might enjoy making the switch too, but before you pull the trigger, here are a few questions to ask yourself.
Mastercard built a mobile marketplace for farmers in East Africa
More than two billion people across the world continue to stay unbanked. One of the biggest reasons for that exclusion is accessibility. In developing countries in particular, low-income groups tend to get left out of the fold because they don't have access to basic banking services. But now, as simple services like mobile banking have proven to help people transition out of poverty in Africa, organizations are starting to focus on the financial inclusion of vulnerable communities. 2Kuze, a mobile payment solution from Mastercard Labs, is one such initiative that is built for farmers in Kenya.
US banks will launch their Venmo competitor in October
In an attempt to add a little hipness to personal banking, a consortium of US banks has been quietly working on its very own Venmo competitor. While the details of the service are currently a little thin at the moment, the Wall Street Journal reports the banks have landed on a name: "Zelle." As in: "Hey, I forgot to bring cash for this pizza, can I just zelle you some dough?"
Atom is a new UK bank that'll have no branches, just apps
Banking is a bit of an old boys' club dominated by a few huge, lumbering corporations, but up-start Atom thinks it's time for a new player with a different approach. Atom wants to take mobile banking seriously; so seriously, in fact, that it aims to exist almost solely as a mobile app. The company has just been granted a UK banking licence and plans to launch later this year, first using mobile apps to offer its services before graduating to desktops in due course. Atom will have a 24-hour support team available by phone, email, webchat and social networks, but the idea is you can do everything, even open an account, from within the mobile app.
Barclays Pingit now lets UK shoppers pay for web purchases using their smartphone
Barclays Pingit is a neat multi-platform app for paying the odd bill or shooting over your share of Friday's curry to a friend, regardless of which bank you use. Today, Barclays announced new ways businesses can use the payment platform: a "Pay with Barclays Pingit" button can now be added to websites and apps, which should shorten the time between impulse and transaction -- anyone that regularly uses PayPal for online purchases will get the general idea. Also, if an advertisement should take someone's fancy, the "buy it" feature allows that person to scan a QR code, check out product info, and complete the purchase then and there. It's up to retailers to add these new options, of course, so don't expect to find them everywhere from today. QR codes just won't die, will they?
Wells Fargo offering text message receipts at its ATMs starting today
Forward-thinking financial institution Wells Fargo is offering its customers the choice of receiving a text message receipt -- in addition to its e-receipt and email options -- whenever you use one of the bank's ATMs. All that's required to take part in the environmentally friendly scheme is to attach your cellphone number to your account, either online, over the phone or at your local branch. The service is available starting today, and if you'd like to learn more, we've tucked the official release below the fold.
US Bank intros BillPay feature for iOS and Android, lets you set up bill payments with a pic
Judging by recently announced projects like Go Mobile, it's quite clear that US Bank is working hard at keeping up with the mobile banking curve. With today's introduction of its new Mobile Photo BillPay feature, the company's giving customers using an iOS or Android device yet another nifty tool to take advantage of while on the go -- one that's set to make it easy to set up bill payments by simply taking a shot of any invoice and uploading it to an account from within the app. The experience itself is rather similar to what we're accustomed to seeing when doing things like, say, depositing checks, and US Bank's quick to point out that it's one of the first major banks in the US to bring a mobile bill-paying solution to its users. Speaking of which, US Bank account holders can try out BillPay now -- links to download from Google Play and the App Store are after the break.
GoBank is bringing an online-only bank to your iPhone
Prepaid debit card company Green Dot is making the next (logical?) step in its business with the launch of GoBank, a bank that exists only on the web... and on your iPhone. As reported by AllThingsD, a key component of the new bank is a mobile app developed by the team responsible for Loopt, a check-in based social network purchased by Green Dot last year. Via the app and a website, GoBank will let customers maintain a checking account and conduct the usual assortment of transactions free of fees for things like in-network ATM use (otherwise US$2.50 per transaction) and overdrafts. As for a monthly fee, the bank is taking the unusual approach of letting customers decide how much they want to pay per month, from nothing up to $9. GoBank is obviously hoping that customers will opt to pay something, but will supplement revenue by offering the option to create custom debit cards that contain photos and other artwork uploaded by account holders. Standard debit cards will be free, but the personalized plastic will run $9. Back on the app side of things, customers will be able to use it to snap photos of checks for making deposits and send money to others using their email addresses, a la PayPal. The bank is currently in beta (how's that for a weird thing to hear?) and is accepting new customers on an invite-only basis (ditto).
Mobile banking growing in the US and Europe
Forrester Research released a new report saying mobile banking is growing both here in the US and overseas in Europe. By 2017, says the report, mobile banking will be used by 108 million people in the US, or about 46% of those holding bank accounts in the US. Currently, only about 13% of account holders in the US and 9% of European bank account holders have taken advantage of mobile banking services, but Forrester says those numbers will grow greatly in the next few years. Why? First, mobile banking's various services are growing by leaps and bounds both in numbers and ease of use. Banks today have apps that will let you deposit checks just by taking pictures of them, or transfer money from account to account with just an onscreen tap. Over time, those services will get even easier and more secure, which means they'll see more users. And don't forget, our culture is changing as well. The more we get used to using smartphones for shopping and trading money, the more we'll use them for banking features as well.
O2 UK launches new wallet service, helps you empty yours (video)
This may not be the UK operators first attempt at dipping its fingers logo into your pockets, but O2's new mobile wallet does bring with it some de rigeur functionality. Taking a leaf out of Barclays' book, the new app lets you send "Money Messages," essentially text-driven money transfers to any phone number. There's smart-shopping features, too, such as a barcode reader for price comparisons, and daily discount deals to stop the well from going dry too soon. Interestingly, you can also apply for a physical companion card, based on Visa's pre-pay service to bring your virtual wallet into the real world. Not an O2 customer? Doesn't matter, apparently, and the app is "compatible with the majority of smartphones as well as iPads" which we guess means iOS at least, and Android, too, judging by the phones shown in the video after the break.
Nokia's extreme dieting continues as it kills off Nokia Money
If you thought Nokia had finished its program of slimming down, think again. The axe is being wielded on Nokia Money as the company seeks to reinvent itself as a lean'n'mean mobile player. The mobile payments and cash management service was launched in India late last year, but both complex financial regulations and the fact it's outside of Nokia's core business prompted its early closure. Instead, it'll concentrate its efforts on its smartphones designed for emerging markets like the Asha: with the aim of connecting the "next billion" people to the internet.
Barclays releases Pingit mobile payments app, we go hands-on
Barclays Bank has unleashed Pingit, an iOS, Android and BlackBerry app that lets you send up to £300 ($470) a day to family, friends or technically-aware muggers. UK mobile number and bank account holders can get started in minutes as long as they've got one of the Barclays-branded PINSentry tools. You'll be asked to come up with a five-digit code that will lock the app to anyone but yourself (or, you know, that mugger) and then you can start spreading your cash around, baller-style. We set up our own account through the app and if you're curious about our impressions, you can find out what we thought after the break.
Visa gets Bank of America on board for mobile payments trial, starting in New York next month
It didn't take long for Visa to react to the three-headed beast of AT&T, T-Mobile and Verizon entering the mobile payments arena. The world's foremost payment processing company has just announced that it's about to start a trial of its contactless payment system in partnership with Bank of America. Kicking off in the New York area this September and lasting through the end of the year, the scheme will most likely involve the MicroSD NFC communicator and In2Pay iPhone case that DeviceFidelity has been developing for Visa. No disclosures are being made on the size of this pilot scheme, though we're told that only a "select" group of employees and customers will be getting the mobile payment chips. Don't worry if you miss out on this one, though, as a similar trial is scheduled to begin in October with US Bancorp. That should give you enough time to turn yourself into a high-rolling select customer, right?
Rogers holds hands with RBC / Visa for mobile phone payment pilot
If you're tired of paying for random snacks and such the old fashioned way (you know, swiping your credit card and handing over your John Henry), Rogers Wireless feels your pain. While not the first mobile payment initiative to hit the Great North, this one has some pretty notable backers. Starting in mid-2009, Rogers, RBC and Visa will join together to allow customers "to pay for small purchases" so long as they're holding one of the "specially-equipped mobile phones that can be waved at Visa payWave-enabled checkout readers at select retail stores and quick-service restaurants in Toronto's downtown core." The pilot will utilize Motorola handsets outfitted with Near Field Communication (NFC) contactless chips, while Gemalto will be managing the transfer of credit card information from RBC to the secure SIM card. There's no word on plans beyond the trial, but here's hoping it does something more than just fizzle out.[Via mobilesyrup]
Mobile banking sees little consumer interest in U.S.
Trying to get U.S. wireless customers to use advanced wireless features and even web browsers on their phones is like pulling teeth sometimes. Banking institutions have figured this out apparently, as they are not really going crazy to deploy mobile banking services. Why? For some reason, customers just don't want the service. Well, 8% do, anyway. Research has shown that instead of duplicating online banking on a cellphone screen, banks should possibly experiment with text messaging services and market those features to younger users. So, customers aren't really demanding wireless banking over cellphones. However, that is not stopping some carriers from investigating more business from any channel.[Via mocoNews.net]
Cingular launches mobile banking with top US banks
AT&T will be bringing a mobile replacement for credit cards, checks and cash soon to that AT&T-branded phone, as the carrier is partnering with some big-name banks for what could be the largest mobile banking push in the US so far. AT&T customers will be able to manage bank accounts and pay bills through Wachovia, BancorpSouth, Regions Financial and SunTrust banks using an application on their handset (we're thinking a J2ME app). The good news: AT&T's partnering with three of the top U.S. banks combined with free usage of this new mobile banking app will most likely draw more customers to its wireless Internet services -- and we're sure AT&T had that in mind here.
