Alternative Finances

T-Mobile: ‘We Are Not A Bank’

T-Mobile is hitting back at charges that it’s entering the banking business.

A senior T-Mobile official spoke with American Banker, saying in an interview that the company is not creating an online banking platform. Rather, it is only offering its customers a way to better manage their money.

“We’re not a bank,” said Taylor Collyer, senior director of marketing at T-Mobile. “We don’t want to be a bank. Mobile Money is an alternative to a checking account.”

The Mobile Money service includes a mobile app that’s paired with a prepaid Visa card. The system allows consumers to use the card as they would a debit card, but without the fees associated with a traditional bank.

To learn more about T-Mobile’s new service, click here.

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