Public Mobile enters the cash services business

When Public Mobile launched their wireless service they set out to attract a specific demographic – those who are “value conscious.” These people were looking for low-cost unlimited talk and text plans, plus didn’t want to sign and contract, nor have their credit ratings be an issue. Public currently operates in Toronto and Montreal and has over 200,000 subscribers.

To generate additional revenue the company has started a new business called Public Mobile Cash Services. This Public branded initiative allows anyone to cash cheques, send money transfers, pay bills and grab a Public Cash Services MasterCard.

In a press release today Alek Krstajic, CEO of Public Mobile, stated that “Public Mobile’s philosophy has always been to give people great service at affordable prices. 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.”

Of course there are associated fees, which will indirectly increase Public’s revenue. To send money – which is done through Ria Financial and not retail partner Money Mart – the prices vary by destination. In addition, the cheque cashing price is set at 2.99% of your cheque (up to a max of $2,500 or a $3.00 minimum). Bill payments costs $3.00 per bill to process, or users can sign up for a $5.00 unlimited service. The prepaid MasterCard is a different story and costs a bit more. To initial set-up fee is $10 and you can load up to a max of $5,000.

All-in-all a good source of additional revenue and one that I could see Public eventually bundling into their mobile offerings.

Check it out here at Public
(Thanks Alex!)