O2 Wallet to provide contactless payments to all mobile users
O2 are the latest firm trying to muscle in on the whole contactless mobile payments thing, where basically, you can use your phone like a debit card. It's all terribly exciting. Of course, Barclays are already on it with there Pingit and Barclaycard PayTag services, so the telecom company are now launching O2 Wallet, which is open to all mobile users regardless of what network they're on. Sneaky.
If you're interested, you can download the app and register bank and credit cards details and then securely transfer between £1 and £500 daily to any UK mobile phone number. O2 reckon that this will make shopping online, lending, borrowing and whatnot, easier than ever before. Provided you don't have a phone with a lousy battery life, which keeps dying every time you try and make a payment with it.
The wallet also includes the virtual O2 Money Visa account card so you can make purchases in shops through tap-and-go payments.
James Le Brocq, managing director at O2 Money, said he believed the app would "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."