The Financial Post reports in its Wednesday edition that Public Mobile Inc., the smallest of the country's new wireless entrants, has begun selling financial services in a move to diversify amid an intensely competitive mobile market.
The Post's Jamie Sturgeon writes the fledging discount carrier will allow customers to pay bills to other companies, send money orders and conduct other bookkeeping duties for less money than what is charged by larger institutions such as banks, chief executive officer Alek Krstajic said Tuesday.
The expansion into discount banking is intended in part to drive subscriber additions to Public's wireless business, the executive said.
"We think what's going to happen is that we'll seed it with Public Mobile customers; next, we'll start bringing in people to use Public Cash Services who may take a wireless product," Mr. Krstajic told the Post in Toronto.
Smaller wireless operators continue to face challenges in acquiring sustainable customer bases. Far larger incumbents Rogers Communications, BCE's Bell Mobility and Telus remain dominant in the $18-billion industry, controlling more than 90 per cent of the market nearly three years after new competitors began launching services.