T-Mobile's latest service seems to fit its 'UnCarrier' agenda perfectly, since it has little connection to wireless and doesn't actually require users to have the company's phone service. Called Mobile Money, the personal finance product combines a smartphone app (iOS or Android) with a branded prepaid Visa card. Without paying a single fee, T-Mobile wireless customers can deposit checks into their Mobile Money account by taking a picture of them with their smartphone, withdraw money from 42,000 in-network ATMs and reload the cards with cash at T-Mobile stores (non-T-Mobile customers would pay additional fees). There are also no maintenance fees, minimum balances or activation fees.
T-Mobile Takes on the Money Changers with Mobile Money
The so-called "underbanked" segments of the population will be well served by such a service. Hopefully it and similar services will help to undermine the parasitic banking sector. From Engaget: