Jan 26, 2013
With the rise of mobile platforms like Android and iOS, mobile payments have also become a necessity. Both Apple and Google are even expanding into the realm of mobile payments for real-world items, with Apple’s Passport and Google Wallet. Both systems support discounts and loyalty programs without the need for coupons and cards. Some cities are already supporting train and transit payments through the mobile phone itself.
But even with mobile banking on the rise, users will still need to support these with funds from an actual deposit account or a credit card, which makes it difficult for some individuals to purchase goods or pay for services without a funding source. This so-called “underbanked” sector is the target of a U.S.-based form called Green Dot, which has been offering co-branded card based products for some time now. Its latest product, GoBank, does away with a deposit account, but instead uses an account accessible through a smartphone app as your virtual source of funds.