Mobile Checkbook Brings The Power of Mobile Banking
To The Cell Phone
New Product Replaces Bulky Checkbooks
And Simplifies Personal Banking in Debit Card Era
Bloomfield Hills, Mich., - April 7, 2003 - Mobatech today announced the launch of Mobile Checkbook, a powerful financial tool that allows consumers to enter banking transactions and maintain their checking account balances via a standard cell phone.
As consumers continue to replace their checkbooks with check cards and debit cards at a double-digit clip in 2003, Mobile Checkbook replaces check registers as we know them today and allows a simpler, more compact means of maintaining an individual's bank account. Upon receiving a monthly bank statement, the end user can easily determine if their account is balanced by quickly verifying their statement against the Mobile Checkbook balance.
Mobile Checkbook is currently available to Nextel, Cingular Wireless, AT&T; Wirless and T-Mobile customers . Rollouts to other leading cellular phone service providers are anticipated later this year. Currently, the program can be downloaded from Nextel's idenupdate.com, cingular.cellmania.com and handango.com Web sites and offers users an easy-to-read display and user-friendly interface. The program is available for a one-time fee of less than $6.
The program was developed by Mobatech CEO and founder Greg Schwartz. Schwartz developed the program after overhearing his peers complain about the challenges of balancing their checking accounts while using check cards and debit cards.
"Fewer and fewer consumers are carrying around bulky checkbooks and check registers to record account transactions and the use of check cards and debit cards are on the rise," said Schwartz. "The result is a situation where an individual is often unaware of their current account balance and, in some cases, will overdraw their account. Many of these same consumers are already carrying a cell phone and The Mobile Checkbook will make it convenient for them to maintain their checking account while standing in line at the store, on the way to their car, or virtually anywhere. It's a simple idea that should be very welcome in the marketplace."
Currently, more than 175 million U.S. adults shop with debit cards and 180 million, or 62% of the population, use cell phones. Last year, debit card purchases accounted for more than $317 billion and this number is growing.
Mobile Checkbook was developed using standard J2ME technology and is compatible with virtually every leading cell phone brand. Schwartz is currently working on an upgrade to the program that will allow consumers the ability to transfer their account information to their home computer or laptop via the Internet.
For more information or to request a product sample for your Nextel, Cingular Wireless, AT&T; Wireless or T-Mobile cellular phone, please contact Greg Schwartz, firstname.lastname@example.org .
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