A Bank Account That Pays Interest in a New Currency: Mobile Data
- Telefonica said to launch ‘O2 Banking’ in Germany next week
- ‘Operators are trying to move beyond being a dumb pipe’
This article is for subscribers only.
In a world of near-zero interest rates, phone carrier Telefonica SA is starting a new mobile banking service that skips the cash and rewards loyal customers with a currency it has in abundance: data for smartphones.
Telefonica Deutschland, the Spanish carrier’s German unit, next week will introduce “O2 Banking,” according to two people with knowledge of the information. The more often customers use the MasterCard included in the deal, the more free wireless data they’ll receive. The accounts will be serviced by Fidor Bank AG.