Last month, T-Mobile announced that they will no longer reload T-Mo Visa Prepaid Cards starting April 11th. Along with this announcement, T-Mobile promised they will be revealing more Mobile Money news in the future. Finally, T-Mobile has unveiled what this news is all about through Fierce Wireless.
On its report, T-Mobile confirmed that it was shutting down its Mobile Money service. A spokesperson for the company says that the decision comes after more prepaid banking services have already been made available in the market ever since T-Mo launched Mobile Money a couple of years ago. Despite this decision, T-Mobile promised that it will be keeping a lookout for "the mobile-first financial services industry." At the same time, the spokesperson confirmed that it supports Apple Pay, Samsung Pay, and Android Pay.
According to their announcement, T-Mobile will be shutting down its Mobile Money service on July 27th of this year. Along with this, they recommend to its users that any remaining balance should be spent before the end date. And just like its announcement a month ago, users will no longer have the ability to reload their accounts or even use the apps by June 27th. Users are also recommended to remove any direct deposits or recurring payments attached to their accounts by this date.
T-Mobile's Mobile Money service launched back in January of 2014. Back then, their goal was to help their consumers avoid overdraft, ATM, and monthly maintenance fees that typically come with banking services. Those who signed up with an account on Mobile Money were given a Visa Prepaid Card they could reload and withdraw cash from through ATM machines. They could also use the card to make purchases just like they would typically do on a regular bank card. Through the apps, users were able to find ATMs, manage their card, and do other things.
While Mobile Money seemed to be an interesting service offered by T-Mobile, it doesn't look like it ever gained much popularity with a lot of people. Thankfully, T-Mo gave news on the shutdown of the service early so those who used Mobile Money have enough time to handle their expenses and choose another service to transfer to.
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