22 February 2017
Visit dh.com

UK wireless operator O2 launches mobile wallet

26 April 2012  |  12675 views  |  0 Fingers on smartphone keypad

UK wireless operator O2 has launched its long-awaited mobile wallet under an interim e-money license from IDT Financial Services.

The O2 wallet functionality includes P2P payments, barcode searches for online price comparison shopping, daily discounts from major retailers (including Debenhams, Comet, Sainsbury's Direct, and Tesco Direct), debit card and cash onboarding, and a Visa pre-paid card for online and high street shopping.

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, says James Le Brocq, managing director at O2 Money.

"O2 Wallet delivers the benefits of mobile money to more UK consumers than any other product or service currently available," he says. "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."



The Telefónica subsidiary set up a personal finance unit in 2009 and partnered high street bank NatWest to launch Visa pre-paid cards, before shutting down the venture in November last year in anticipation of the full-scale wallet launch.

Initially slated for introduction late last year, the launch-date was delayed as O2 worked with 250 inhouse staff and host of specialist technology suppliers - including Wave Crest, FIS, Intelligent Environments, Giesecke & Devrient, Cogenta, and Visa - to fine-tune the finished product ahead of its full commercial release.

The mobile operator has had an application for an e-money license lodged with the Financial Services Authority since November, and has partnered with Gibraltar-based IDT Financial pending authorisation from the FSA.

A new YouGov survey of 23000 UK adults commissioned by O2 partner Intelligent Environments indicates that the latent appetite for mobile payments in the UK is strong, with 29% of British handset owners expressing a preference for mobile payments over cash or cards for purchases under £20. The figure rises to 41% amongst 18-24 year olds.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Barclaycard rolls out contactless stickers

Barclaycard rolls out contactless stickers

19 April 2012  |  15181 views  |  0 comments
EC opens 'in-depth investigation' into UK telcos' mobile wallet plans

EC opens 'in-depth investigation' into UK telcos' mobile wallet plans

13 April 2012  |  8827 views  |  0 comments
Barclays launches mobile number-based P2P payments service

Barclays launches mobile number-based P2P payments service

16 February 2012  |  17709 views  |  3 comments
Google Wallet coming to UK ahead of Olympics - report

Google Wallet coming to UK ahead of Olympics - report

12 December 2011  |  13282 views  |  0 comments | 1 tweets
Telefonica to run BlackBerry NFC wallet and access control trials

Telefonica to run BlackBerry NFC wallet and access control trials

25 November 2011  |  7513 views  |  0 comments
Three approaches EC over exclusion from UK m-commerce JV

Three approaches EC over exclusion from UK m-commerce JV

08 September 2011  |  5635 views  |  0 comments
UK consumers apathetic about mobile payments

UK consumers apathetic about mobile payments

16 June 2011  |  9630 views  |  4 comments
Orange and Barclaycard launch national mobile phone payment service

Orange and Barclaycard launch national mobile phone payment service

20 May 2011  |  13318 views  |  5 comments
O2 contracts suppliers for mobile wallet launch

O2 contracts suppliers for mobile wallet launch

19 May 2011  |  9813 views  |  0 comments
O2 seeks UK license for mobile money play

O2 seeks UK license for mobile money play

03 February 2011  |  12646 views  |  0 comments
Mobile phone giant O2 moves into personal finance

Mobile phone giant O2 moves into personal finance

15 July 2009  |  12040 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
http://www.financialcrimerisk.fiserv.com/aml?r=finextra

Top topics

Most viewed Most shared
IBM and Visa join forces to turn billions of connected devices into points of saleIBM and Visa join forces to turn billions...
18433 views 11 comments | 54 tweets | 91 linkedin
Kevin the bot uses blockchain to offer insurance for P2P transactionsKevin the bot uses blockchain to offer ins...
8688 views comments | 17 tweets | 15 linkedin
EBA to relax controversial PSD2 authentication rulesEBA to relax controversial PSD2 authentica...
8561 views comments | 47 tweets | 65 linkedin
RBS to become fintech fund and high street outlet for challenger banks under HMT remedyRBS to become fintech fund and high street...
7287 views comments | 36 tweets | 33 linkedin
Standard Chartered connects corporate customers to WeChatStandard Chartered connects corporate cust...
5957 views comments | 17 tweets | 19 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job