T-Mobile to Expand into Banking Cards Posted by Association of Vermont Credit Unions on 6:06 PM

Fox Business reports that in an effort to differentiate itself from bigger cell phone network rivals, T-Mobile is stepping beyond cellphones and offering payment cards. The Visa card has banking features and a smartphone money management application with reduced-fee or zero-cost services for T-Mobile wireless customers.

The card, issued by a Bancorp Inc subsidiary and licensed by Visa, is similar to a bank account. It will allow consumers to direct deposit paychecks and checks from smartphone cameras, make retail purchases, pay bills and withdraw cash from more than 42,000 ATMs with no fees. The service could be attractive to people who struggle to qualify for traditional bank accounts,
but is unlikely to bring in revenue for the operator, according to the article.

Read the article in entirety.