The Nilson Report

Issue 1152 | Apr 2019


Companies featured in this issue include:

Latin America Market Shares of Purchase Volume

Latin America Market Shares of Purchase Transactions by Brand

Market Shares of Purchase Transactions in Latin America 

Latin America General Purpose Cards 2018

Second 50 Largest Debit Card Issuers in the U.S.—2018

Latin America General Purpose Cards 2018

Purchase transactions generated by global brand credit and debit cards issued in Latin America and the Caribbean region reached 22.83 billion in 2018, an increase of 12.8%.

1. 1. Visa
13.10 billion transactions, +8.4%
2. 2. Mastercard
9.08 billion transactions, +20.0%
3. 3. American Express
0.56 billion transactions, +12.7%
4. 4. Diners Club
0.09 billion transactions, +9.9%

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T-Mobile Money Debit Card

The third largest U.S. mobile network operator has launched T-Mobile Money, a no-fee, interest-earning, mobile-first checking account with no minimum balance that consumers manage completely from a smartphone app, including remote check deposit, direct deposit, bill payment, wallet payments (Apple, Google, Samsung), money transfer, and person-to-person payments. 

The T-Mobile Money account comes with a Mastercard debit card issued by BankMobile, the digital banking division of Customers Bank, based in Phoenixville, Pennsylvania, which will hold all deposits. T-Mobile Money debit card customers have access to cash at more than 55,000 ATMs in the no-fee Allpoint Network. At all other ATMs, cardholders pay only the fee charged by the acquirer. 

Consumers sign up for T-Mobile Money online or download the app from the Google Play or Apple App Store. After making their initial remote deposit, the app is populated with a virtual Mastercard debit card. The physical card and a few paper checks are mailed. 

T-Mobile customers with postpaid accounts can earn up to 4% annual percentage yield (APY) on balances up to $3,000 and 1% APY on every dollar after that when they sign up with their T-Mobile ID and deposit at least $200 every month. All other T-Mobile Money customers earn 1%. Traditional checking accounts cost consumers more than $118 per year according to the Consumer Financial Protection Bureau. BankMobile checking accounts cost consumers less than half that amount.

Customers can opt-in for “Got Your Back” overdraft protection, which provides them with up to $50 against an overdraft. This amount is advanced without penalty as long as customers restore their account to a positive balance within 30 days. There are no monthly, overdraft, or transfer fees. 

T-Mobile is marketing its everyday checking account product in its 5,000 retail stores, online, and in the app store. Advertising includes paid search on social media. 

BankMobile offers checking and savings accounts, personal loans, and credit cards. It provides nonbanks with bank-as-a-service (BaaS), mostly on a white-label basis. It promises to acquire customers at significantly lower cost than traditional banks. BankMobile and T-Mobile have been testing T-Mobile Money since the fourth quarter of 2018. 

BankMobile has opened more than 2.0 million deposit accounts from smartphones since 2015. Mastercard debit cards are tied to those accounts. BankMobile has contracts with 800 colleges and universities in the U.S. for BankMobile Disbursements and BankMobile Vibe checking accounts. One-third of all U.S. college and university students can connect with BankMobile to receive refunds from their schools into a deposit account, avoiding paper checks. 

Jay Sidhu is Chief Executive Officer at BankMobile and Customers Bancorp in Wyomissing, Pennsylvania,,

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