Boost Mobile Makes a Play for the Unbanked
Prepaid mobile phone carrier Boost Mobile is trying to enter the prepaid card market. Boost executives say the prepaid phone stores will have a unique appeal to unbanked customers. Shops that sell prepaid mobile phones often are in close proximity to check cashers and money-transfer stores. The shops tend to have employees who can speak their customers' language and understand their needs. Boost's basic financial product includes international money transfers, bill pay and the ability to add minutes to the customer's mobile phone plan. Customers can upgrade to a more extensive product which includes a reloadable prepaid card that enables direct deposit, free person-to-person mobile payments and mobile check deposit at $4 per check.