T-Mobile is a carrier that by all accounts, has set out to be quite different from the rest in terms of what they offer to their customers. They’ve branded themselves the Uncarrier for introducing things like no contracts on postpaid plans and unlimited music streaming (called Music Freedom) without having it touch the customer’s monthly data amounts. Another initiative which they put out for customers was a service called Mobile Money, an alternative banking solution for those customers who may not have had the opportunity to set up a regular checking account with a traditional bank. Today, it’s been discovered that T-Mobile plans to shut that service down in the near future.
According to the details, T-Mobile has confirmed that they will be closing down the Mobile Money banking solution which they had been offering to customers for the past couple of years starting on July 27th, 2016. After this time period, Mobile Money will be completely discontinued. Although July 27th is the actual end date, T-Mobile will be stopping the capability to reload Mobile Money accounts a month prior on June 27th, and from that point forward until the discontinuation date customers are allowed to continue spending money from the Mobile Money account.
Having said that, T-Mobile states that customers would be wise to remove any credits or direct deposits that they have tied to their Mobile Money accounts which act as their recurring payment system into the account. T-Mobile also suggests that any money that’s left in the accounts after the June 27th date, should be wiped out and spent before the closing date the following month. Although T-Mobile didn’t give much in the way of specifics for a reason of the shutdown, they have simply stated that the market has continued to shift in a way which saw other prepaid banking solutions become offered up for customers. What it comes down to is that there is no longer a need for T-Mobile to provide a prepaid banking service to consumers as perhaps better and more efficient solutions are available. Mobile Money was short-lived, but in the end it’s likely costly to the point where it was no longer economical or profitable for T-Mobile to keep it going.