Omnimoney (boost Mobile)
“Can Boost Mobile convert its 3,000-store cash-paying prepaid wireless customer base into users of an embedded no-fee digital banking product, capturing financial services revenue from the unbanked and underbanked?”
OmniMoney is a financial services product launched in October 2022 by Boost Mobile (a DISH Wireless L.L.C. brand) to embed banking services into its existing prepaid wireless distribution network of 3,000+ brick-and-mortar stores. Rather than building a regulated bank, Boost Mobile partnered with embedded finance platform Alviere (Mezu NA, Inc. dba Alviere) and sponsor bank Community Federal Savings Bank to rapidly deploy a GPR prepaid account with debit card, direct deposit, and Mexico remittance capabilities. The product is explicitly designed for the underbanked and unbanked segment of Boost's customer base — consumers who typically pay bills in cash in-store.