Boost Mobile Targets Underbanked Consumers With OmniMoney

Boost Mobile

Boost Mobile is entering the financial service sector with the launch of OmniMoney, a tool that offers underbanked consumers a free digital money account and debit card.

“We’re looking to provide basic services for historically excluded communities — where 60 million Americans are underbanked,” Boost Mobile CEO Stephen Stokols said in a news release Thursday  (Oct. 27).

“Not only do Boost Mobile customers have access to low-cost unlimited wireless services, but now they are empowered to take control of their finances with new tools through the OmniMoney app.”

According to the release, OmniMoney offers customers an easy way to view deposits and withdrawals, make secure payments, transfer money, and send remittances, with no credit check, no minimum balance requirements and no monthly fees for active users.

The release says users can deposit funds into their OmniMoney account and receive both a digital and physical debit card, giving them access to thousands of ATMs. OmniMoney members will also get special discounts and perks on Boost Mobile wireless service — such as free remittances to Mexico of up to $1,000 a month for members with premium unlimited plans.

While 60 million people in the U.S. are underbanked, a recent report by the Federal Deposit Insurance Corporation (FDIC) found that just 4.5% of U.S. households — or approximately 15 million — were unbanked, meaning they lacked access to a bank account or credit union membership.

See also: US Unbanked Population Shrinks to 4%

That’s the lowest unbanked rate for the country since the agency began conducting its National Survey of Unbanked and Underbanked Households in 2009, the FDIC said in a news release.

Acting FDIC Chairman Martin J. Gruenberg said the survey shows “the importance of ensuring consumers who are receiving benefits or starting a new job, two key bankable moments, can easily find and open a bank account that meets their needs.”

The survey found that roughly 1.2 million more households have set up bank accounts since 2019. Among these households, about 50% of them who got government payments said those payments inspired them to open a bank or credit union account.