Now the USA can enjoy mobile banking!

Finally, a cellular phone is becoming a banking tool for US customers. John W. Carney, a co-founder and chief executive of Affinity Mobile introduced a new service to his customers - Western Union money transfers using just their cellular phones. "The majority of people in the world don't have a bank account and really don't have access to the digital financial world," Carney said. "It's a big business opportunity if you can bring unbanked people into the banked world." And that statement is very true as according to the Center for Financial Services Innovation, 87 million people in the U.S. don't utilize banks conducting financial transactions of more than $13 billion.

Affinity Mobile is trying to acquire a large portion of the giant prepaid wireless market. The company's product is Trumpet Mobile, a prepaid cellular service which is marketed through a national chain of Radio Shack stores. Each new cell phone package includes a prepaid debit card. Customers who chose to sign up for this service can load their prepaid cards which are linked to individual cell phones and use them as a simple debit card. The prepaid card owners can easily check the balances and make transfers at a comfort of this personal banking device - the very own cell phone. 

To enable such secure financial transactions, Affinity developed the hardware and software called the MADE platform. The company is planning to target other cellular service providers to use its innovation. Trumpet users find a Western Union icon on their phones just next to the standard menu options. Affinity Mobile charges a fee for such transactions which are partially compensated by Western Union's slightly reduced transfer fees.

"Affinity Mobile has done a good job of demonstrating their technology and service potential. We will stay with them as they grow," said Matt Dill, general manager for Western Union's mobile division.

                                                Marianna, reporter of Ecommerce Journal