Canadian wireless carrier Public Mobile may not doing so well by just selling talk, text, and data plans for mobile phones.
The apparently struggling company is offering a new, unexpected product to fuel growth: financial services.
The fledging discount carrier is expanding into "discount banking," which will enable customers to pay bills, send money orders, and conduct other financial duties at a cheaper rate than what is typically charged by big banks. Chief executive officer Alex Krstajic told the Financial Post that this new service has been "a gradual evolution," admitting that this was not in the company's original plans.
"Public Mobile's philosophy has always been to give people great service at affordable prices," Alek said in a release. "The introduction of Public Cash Services is an extension of that. We believe in offering simple and convenient services and that's why we now give customers the ability to make unlimited bill payments for just $5 per month and money transfers overseas at industry leading rates."
As of last count (back in 2011), Public Mobile has just 200,00 subscribers. Not unlike competitors Wind Mobile and Mobilicity, the startup telco has fallen short of initial projections. Three years into existence, the discount upstarts have had little impact on Canada's telecommunications industry: the Big Three of Rogers, Telus, and Bell still dominate more than 90% of the nation's mobile market.
Rogers applied for a banking license last year but has not yet done anything with it.
Photo: Darren Calabrese, National Post