It was only a matter of time before the telecom companies entered the payments space, and Boost Mobile has begun a pilot project to stake its claim.
From Giga Om:
Sprint-owed prepaid operator Boost Mobile unveiled a mobile financial services app called Mobile Wallet at CTIA Wireless in Las Vegas on Tuesday. This isn’t your typical near field communications (NFC) or QR code contactless payment setup though. Instead, Boost is combining its prepaid mobile services model with a prepaid cash account, providing a physical prepaid card that customers can use at the register.
The presence of mobile operators means that another segment of large companies will compete for customers’ wallets and spending. What remains to be seen is whether they will be just another financial services distributor or if they will drive the adoption of new technology by customers, merchants, and the financial services industry.
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