M-wallet: O2 Launches O2 Wallet
- In the United Kingdom, O2 the subsidiary of Telefónica, launches its O2 mobile Wallet. The wallet is also available to non-O2 customers and runs on iOS, Android and BlackBerry OS. After several months of internal testing, the app combines a number of different functionnalities: a P2P payment system ("Money Message" for amounts between £1 and £500), barcode reader (comparing online prices offered by a hundred different retailers), reductions granted by partner retailers ("My Offers") and prepaid Visa debit and credit cards (can be used in-store or online). The O2 Money Account Card offers a virtual and contactless Visa card linked to a prepaid account (developed by Giesecke & Devrient).
- Others features such as mobile top-ups, mobile train ticket reservations and NFC payments are also expected.
- The digital version of their payment card can also be topped up using the “Money Message” app or with cash at any one of the 30,000 points of sale including O2 stores, PayPoint and epay retail outlets. Users can also take advantage of a 30 day transaction history by checking the app and the year's transactions when they consult online. They receive text alerts whenever changes to their account balance are noted.
Source: Press release by O2
- In competition with Barclay's Pingit solution, O2 registered with the Financial Services Authority to become an authorised Electronic Money Institution back in November 2011. In the meantime, with their license registration awaiting approval, O2 has an interim license agreement with IDT Financial.
- The number of mobile banking service users in the United Kingdom increased from 9.7% in 2010 to 20.4% in 2011; mobile purchases increased by 53% during the last 12 months, representing a total of £4.5 billion and driving the British mobile market into pole position in Europe.
- It is also worth noting that European regulators are currently analysing the effects on competition following the creation, in June 2011, of a joint mobile payments venture in the United Kingdom between Everything Everywhere, Vodafone and O2. Last September a complaint was lodged by the smaller competing operator Three. The conclusions of the Commission will be announced at the end of August 2012.