Mobile network launches digital money service giving users the ability to transfer funds via their phone and use it for contactless payments.
O2 has launched O2 Wallet, a “digital wallet service” that will enable users to use their mobile phone as - surprise! - a wallet.
O2 Wallet can be used by anyone with a mobile phone, regardless of whether they are with the network, to send and receive money, compare prices and shop via their handset.
Users can securely transfer money - between £1 and £500 daily - to any UK mobile phone number using the Money Message function of O2 Wallet.
The service also aims to make it quick and easy to pay for things using a mobile phone by digitising existing debit and credit cards.
Users can put money into their O2 Wallet account via debit card, Money Message or cash at 30,000 locations, including O2 shops and places that use PayPoint or epay.
O2 Wallet also offers a physical and virtual O2 Money Account Card, a prepaid account that can be used to shop online and on the high street or withdraw cash, but only allows users to spend what they have put in.
Other features include a barcode search function and unique daily discounts from well-known retailers, while personal details and financial data are not held on the handset to ensure they remain safe.
Extra functions will be added to the service so it can be used to top-up pay-as-you-go phones, buy train tickets and make mobile contactless payments via devices that incorporate near field communication (NFC) technology.
O2 Wallet is compatible with most smartphones and Apple iPad, but does not currently work with devices powered by Windows Phone.
However, Windows phone users, and those without smartphones, can still use various O2 Wallet features, such as Money Messages, as long as they are able to browse the web on their handset.
To get O2 Wallet on your phone, register your details and set-up an account online at www.o2.co.uk/money/wallet and text “WALLET” to 61202 to download O2 Wallet to your mobile.