O2 Wallet mobile money service launches

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O2 mobile wallet service goes live, letting consumers send and receive money, compare prices of goods, load money onto their account and own a prepaid Visa card to use at high street outlets 

The O2 Wallet mobile money service has launched, enabling customers to send and receive money, compare prices on goods and shop via their mobile.

It is downloadable as a free application from the Android Play Store, Apple App Store and BlackBerry App World. It can also be used on non-smartphones as for example, consumers can access the ‘Money Messages’ service as long as they can browse the internet on their handset.

The ‘Money Message’ function lets consumers securely transfer money to any UK mobile phone number, allowing them to make daily transfers of between £1 and £500.

A barcode and search engine function compared prices of branded goods from more than 100 online retailers, with consumers able to take advantage of unique daily discounts and deals via the ‘My Offers’ icon. At present these include discounts from the likes of Debenhams, Comet, Sainsbury’s Direct and Tesco Direct.

Customers can load money into their O2 Wallet account via one of their debit cards, by receiving a ‘Money Message’ or with cash at more than 30,000 locations including O2 shops, PayPoint and epay retail outlets.

The transaction history enables customers to view their expenditure with text alerts when the account balance changes; a 30 day payment history on the app; and a 12 month history outline.

A physical and virtual O2 Money Account Card is also offered through O2 Wallet, with both based on a Visa prepaid account. O2 said the virtual card is ideal for online shopping.

The physical card allows tap-and-go payments at more than 100,000 contactless payments points across the UK. It enables consumers to pay for items from high street retailers or withdraw money from ATMs.

Additional functionality will soon enable consumers to use O2 Wallet to top-up mobile airtime, buy train tickets and make mobile contactless payments via NFC technology.

O2 Money managing director James Le Brocq said: “O2 Wallet delivers the benefits of mobile money to more UK consumers than any other product or service currently available.   With O2 Wallet, it’s easier to transfer money, track expenditure and pay swiftly and securely, all using your mobile. We believe it will transform the way people manage their finances and spend money.

“We recognise that security is absolutely key.  O2 Wallet has been trialled internally for months and has undergone extensive ‘stress-testing’ with security experts. In additional to PINs and passwords, all personal details and financial data are held on remote central servers rather than on the mobile device itself.   This, we believe, is the safest and most secure way to deliver mobile payment services.”

Visa Europe senior vice president of mobile Sandra Alzetta said: “We welcome the launch of O2 Wallet and are delighted to be enabling the m-commerce experience with a Visa prepaid card.

“The new service creates an easy and efficient online payment experience for mobile device users, supporting the continued growth of m-commerce in the UK, as well as encouraging contactless payments among those users who choose to take a physical card. This announcement is another step towards an integrated future where the way we pay reflects the full potential of these new technologies.”

 

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