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This huge and fast-growing market is in dire need of convenient and affordable options. m-Via has lined up a strong set of merchant partners that includes MasterCard and 7-Eleven and its model, which makes transactions free to users, should be appealing to this population.
November 30
M-Via has added free ATM cash withdrawals to its fee structure for Boom, a service for the unbanked to manage monetary accounts through mobile phones, the mobile-payment network provider announced March 27.
Palo Alto, Calif.-based m-Via introduced Boom in November as a way for immigrant workers to establish accounts and inexpensively send funds to family members in other countries.
Boom, which provides users a membership-based business model for banking and funds transfers, costs $25 for a yearly membership, m-Via stated in a press release. Boom members outside of the U.S. receive their account free upon receiving funds from a U.S.-based member, the company states.
The new pricing model for Boom users now includes three free monthly cash withdrawals with Boom prepaid cards at participating Boom ATMs and unlimited surcharge-free access to more than 37,500 Allpoint Network ATMs located throughout the U.S. and Mexico, the company said.
In addition, Boom users now can text the word "balance" to 22334 to look up their available funds or text the word "send" to initiate free person-to-person funds transfers.
"Boom is now the most cost effective way to save, share and spend money," Bill Barhydt, m-Via CEO, stated in the release.
A company goal is to eliminate all transaction fees where possible in favor of a simple, membership-based pricing model for a service that is safe, secure and convenient, Baryhdt stated.
Boom users generally load funds onto their Boom card accounts at 7-Eleven outlets or other participating retailers to enable mobile P2P payments.
