Brazilian based mobile operator TIM Brasil and bank BMG have partnered to launch a mobile service for customers using BMG bank and credit cards. The SIM card will support access to banking services such as credit applications and balance inquiries and provide bonuses for using mobile services.

The service will work with any kind of mobile phone, not just smartphones. The service will be offered for customers of the TIM prepaid plans Infinity Pre and Cost Control. The goal is to distribute 20,000 cards during the first quarter.

The Rise in Mobile Banking

According to a recent report by Juniper Research, over a billion mobile phone users will have made use of their mobile devices for banking purposes by the end of 2017, compared to just over 590 million this year. Whilst the forecast of 1 billion users by 2017 represents over 15% of the mobile subscriber base, it should be acknowledged that around half of all mobile subscribers remain unbanked, with limited access to traditional financial services.