Sprint ‘Boosts’ Wallet with Remote Check Deposit Service (Sept. 12, 2013)
Sprint’s Boost Mobile Wallet users now have a way to turn checks into instant funds with a new service dubbed Quick Check, which uses remote deposit capture to deposit checks into customers’ wallet accounts. To use the feature, a wallet user takes a photo of the front and back of a personal, payroll or government check and submits the image for approval. Once the check is approved—typically within seconds—the funds are loaded into the user’s Boost Mobile Wallet Plus account, where they can be spent online via the wallet app, or used to make in-store purchases or ATM withdrawals via Boost Wallet’s companion Visa prepaid card. The service costs $4 per transaction for any check up to $2,000.
Released earlier this summer, Boost Mobile Wallet is Sprint’s entry into the digital wallet arena, where rival telcos AT&T, Verizon and T-Mobile have joined together on the Isis wallet. Boost’s wallet app was developed by Wipit Inc., which specializes in mobile apps for underbanked consumers. Wipit this week closed a Series A venture round of funding from Core Innovation Capital, the investment partner of the Center for Financial Services Innovation. Wipit said it will use the funding to expand development and adoption of its mobile payments and financial services offerings. “Smartphone adoption in the prepaid wireless market is rapidly growing, and we provide a needed payment service for consumers who have purchased a smartphone but have no bank account or credit card to fund digital transactions,” said Richard Kang, Wipit CEO.