O2 has unveiled O2 Wallet, which it describes as “a seamless and secure digital wallet service”. The solution is open to consumers on O2 and other mobile networks.
O2 Wallet includes a Money Message feature that enables consumers to securely transfer money to any UK mobile phone number by sending a text. Money Messages allow consumers to make daily transfers of between £1 and £500, and, says O2, will make lending, borrowing or repaying money to friends and family easier than ever. It also includes a barcode and search engine function that compares the prices of millions of branded goods from more than 100 online retailers. In addition, consumers will also be offered daily discounts and deals via the ‘My Offers’ icon. At launch, these will include discounts and money off offers from retailers including Debenhams, Comet, Sainsbury’s Direct, and Tesco Direct.
O2 Wallet also enables consumers to digitise their existing debit and credit cards in order to pay for things via their mobile. Customers can load money into their O2 Wallet account via one of their debit cards, via a Money Message, or with cash, at more than 30,000 locations, including O2 stores, PayPoint and epay retail outlets. O2 Wallet’s transaction history helps consumers keep on top of their expenditure, with text alerts when the account balance changes; a 30-day payment history on the app; and a 12-month history online. In time, O2 Wallet will evolve to incorporate near field communications (NFC) technology and enable contactless payments direct from the handset.
Finally, the solution includes both a physical and virtual O2 Money Account Card, both based on a Visa prepaid account. The virtual O2 Money Visa Account Card is designed for online shopping, while the physical card can be used to pay for things in bricks and mortar stores and to withdraw cash from ATMs. This is a contactless card allowing tap-and-go payments at more than 100,000 contactless payment points across the UK. 
“O2 Wallet delivers the benefits of mobile money to more UK consumers than any other product or service currently available,” says James Le Brocq, managing director at O2 Money. “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 addition 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.”
O2 Wallet is compatible with the majority of smartphones, and with iPads. Consumers without a smartphone can use some of the features of O2 Wallet, such as Money Messages, providing they have web browsing capability on their handsets.
