20 August 2017
visit www.avoka.com

Mobile phone giant O2 moves into personal finance

15 July 2009  |  12215 views  |  0 o2 card

UK wireless telco O2 has set up a personal finance unit and launched two pre-paid cards as it looks to tap into the burgeoning mobile banking market.

The Telefónica subsidiary has partnered high street bank NatWest on the free Visa cards; Cash Manager, for adults and Load & Go, targeted at teenagers.

Available next month, the cards can be topped up online and in stores, with customers receiving real-time balance updates sent to their mobile phone. They can be used in store, online and at ATMs.

O2 says the cards will help people better manage their money and ring-fence disposable income, never spending more than has been loaded onto the card.

Ronan Dunne, UK chief executive, O2, says: "O2 has a strong and successful track record of innovation and O2 Money will represent a launchpad into a wide range of mobile banking services. We believe that we are at the start of a journey towards the coming together of phone and wallet and we intend, through O2 Money, to be at the forefront of this trend."

Helen Page, MD, marketing and innovation, NatWest, says: "These cash cards, delivered in partnership with O2, are the first step on the road towards a more advanced mobile banking service, and the closer alignment between mobile phones and payment technology."

Global mobile banking take up is set to soar over the next five years, with the number of people using the technology growing from 20 million in 2008 to 913 million in 2014, according to recent research from Berg Insight.

Contactless mobile payments also offer an opportunity for telcos. O2 has already worked with Transport for London and Nokia to trial a scheme enabling customers to pay for tube journeys using mobile handsets.

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

Jump in mobile payments users this year - Gartner

Jump in mobile payments users this year - Gartner

28 May 2009  |  9243 views  |  0 comments
M-banking users to hit 900 million by 2014 - study

M-banking users to hit 900 million by 2014 - study

13 March 2009  |  8935 views  |  0 comments
Consumers dialling up mobile payments

Consumers dialling up mobile payments

06 March 2009  |  6016 views  |  0 comments
Barclaycard to launch public mobile payments trial

Barclaycard to launch public mobile payments trial

28 November 2007  |  15996 views  |  0 comments
Transport for London to trial mobile Oyster scheme

Transport for London to trial mobile Oyster scheme

27 November 2007  |  10408 views  |  0 comments
UK telcos launch mobile payments system

UK telcos launch mobile payments system

03 September 2007  |  12699 views  |  0 comments
O2 to trial NFC wristband at music festival

O2 to trial NFC wristband at music festival

08 June 2007  |  10637 views  |  0 comments
Egg to launch m-banking service with O2

Egg to launch m-banking service with O2

27 September 2005  |  7168 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.worldpaymentsreport.comvisit www.dorsum.eudownload the paper now

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
9145 views comments | 23 tweets | 23 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
7899 views comments | 19 tweets | 23 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
7350 views comments | 10 tweets | 7 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
6597 views 0 | 1 tweets | 1 linkedin
hands typing furiouslyWhy Blockchain Might Not Be The Future For...
6513 views 1 | 5 tweets | 3 linkedin

Featured job

Find your next job