LightSquared and m-banco to offer mobile money services (USA)

Wireless broadband communications network provider, LightSquared, has entered into an agreement with m-banco, a U.S. financial, telecommunications and entertainment service provider, which will enable m-banco customers to conduct financial transactions using their mobile handsets. According to reports, m-banco’s mobile money services will enable customers to conduct voice and data communications along with banking services such as wire transfers and device to device payments using their mobile devices.

As per sources, Randolph Kantorowicz-Toro, Chairman and CEO, m-banco has said they are committed to delivering advanced wireless services to their customers so that they can conduct voice communications and wireless transactions with friends, family and financial institutions in the U.S. and around the world. He added that LightSquared’s network and wholesale-only model will essentially turn m-banco devices into ‘mobile wallets’ so their customers can conduct financial transactions at any time, at reasonable rates and regardless of location.