Telecommunications company, Orange is set to open up a bank (Orange Bank) in France, Richard Stephane the company’s CEO has revealed.
The Bank, according to Stephane, will allow users to control their payments directly from their mobile phones through the bank’s app.
Transactions will show up instantly in the app and the user will be able to block and unblock the card in a couple of taps in case they can’t find it.
Stephane made the revelation at a press conference held on Thursday April 20th.
He said that users will be able to send money with just a text message, adding that the Bank will allow NFC payments. Currently, Orange supports NFC payments on Android with Orange Cash, and using Apple Pay on iOS.
With the introduction of the Orange Bank, users will be able to create a free account in an orange store or online. You don’t have to be an Orange customer to create the app.
“No monthly fee will be charged as long as you regularly use your account and card.”
Customers will also be able to open a checking account with overdraft, a savings account and will get a Visa card.
Orange first acquired 65 percent of Groupama Banque in April 2016. At the time, the company said Orange Bank would launch in early 2017. Orange is going to miss its target as Orange Bank is going to launch on July 6, 2017.
Orange employees will be able to open an account starting on May 15. Eventually, Orange wants to attract 2 million customers in France.
Mr. Stephane also revealed that the company is working on insurance products and loans and the introduction of Orange Bank will bring all the key features of a retail bank.
There will be an API so that FinTech startups can connect their services with Orange’s financial services.