US-based prepaid mobile service provider Boost Mobile is foraying into the financial services space by launching OmniMoney by Boost Mobile.
The new banking service, which will be aimed at underbanked customers, will enable customers to view deposits, make withdrawals and secure payments, transfer money, and send remittances.
Boost Mobile is also offering in-store cash deposits in select locations, with nationwide expansion planned in the coming months.
Additionally, through the new offering, customers will be able to deposit funds into their OmniMoney account and receive both a digital and physical debit card.
The banking service does not require credit checks, has no minimum balance requirement and has no monthly fees for active users.
Furthermore, OmniMoney customers will get offers on Boost Mobile wireless service, such as free remittances to Mexico of up to $1,000 per month with premium unlimited plans.
Boost Mobile head Stephen Stokols said: “We are looking to provide basic services for historically excluded communities – where 60 million Americans are underbanked. 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.
“Now more than ever, people are examining their expenses as inflation continues to be a serious pain point. We are investing in customers who use their phones to power their lives.”
Banking services by Boost Mobile are provided via partnership with Alviere, an agent and service provider of Community Federal Savings Bank, Member FDIC.