Boost Mobile Wallet App May Be the Most Useful Digital Wallet Yet
Sprint-owned prepaid Boost Mobile may be launching the most useful digital wallet thus far for its customers. Leveraging the wireless industry CTIA Spring show, Boost is showing that it understands its customers with the launch of a digital wallet app, that unlike Google Wallet or ISIS, will work with online merchants rather than physical brick-and-mortar retailers through a contact-less NFC system.
The digital wallet is now an app that is available through Google Play Store and is launching initially in Los Angeles, San Diego, and some parts of New Jersey.
It will allow users to pay bills online, send money internationally or domestically to others, deposit checks using the smartphone camera, and pay the Boost Mobile prepaid account. There are no monthly fees to signup for service, but you do have a transaction-based fee.
Where the Boost Mobile Wallet differs from ISIS and Google Wallet is that it’s meant to be used in a digital world to send and receive money and pay bills. No fancy new technology is required. Given that many users on prepaid services either don’t have credit cards due to credit or other reasons, the Boost Mobile app really is targeting its prepaid demographics with a useful tool.
According to the 2011 FDIC National Survey of Unbanked and Underbanked Households, more than 20 percent of U.S. households rely on alternative financial services to help with their banking needs. Boost Mobile Wallet is a full-service virtual wallet account that enables consumers to:
- Load cash to the wallet account at Boost Mobile authorized retail locations
- Send money to more than 135 countries
- Pay more than 3,500 billers nationwide
- Top-up domestic and international prepaid wireless accounts
- Transfer funds instantly between accounts
- Load checks directly from the mobile phone with instant access to approved funds (coming soon)
The app will also come with a reloadable prepaid Visa debit card.
“The prepaid segment is continuing to grow, and consumers’ use of alternative financial services is on the rise,” said Kevin McGinnis, vice president of product platforms and services for Sprint, which owns Boost Mobile. “The Boost Mobile Wallet service is the perfect platform to deliver these services to our customers in a more convenient and affordable way. This program is also a great business opportunity for our retail and distribution partners. With increased foot traffic in the door and a compensation structure for participation, the program is a win/win for everyone.”
If this initiative is successful, Sprint may bring this wallet service to other brands, like Sprint and Virgin Mobile.