James Le Brocq, Managing Director at O2 Money, said: ‘O2 Wallet delivers the benefits of mobile money to more UK consumers than any other product or service currently available. 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.’
Additional functionality will soon enable consumers to use O2 Wallet to top-up mobile airtime, and buy train tickets.
James continues, ‘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 additional 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.’
Sandra Alzetta, Senior Vice President of Mobile at Visa Europe, adds: ‘We welcome the launch of O2 Wallet and are delighted to be enabling the m-commerce experience with a Visa prepaid card. The new service creates an easy and efficient online payment experience for mobile device users, supporting the continued growth of m-commerce in the UK, as well as encouraging contactless payments among those users who choose to take a physical card. This announcement is another step towards an integrated future where the way we pay reflects the full potential of these new technologies.’
O2 Wallet is compatible with the majority of smartphones as well as iPads. Even those without a smartphone can use various features of O2 Wallet ‘ for example Money Messages ‘ providing they have web browsing capability on their handsets.
O2 Wallet has been developed by a team of 250 experts from a variety of specialist fields including financial payments and e and m-commerce. In addition, O2 has worked with a number of specialist partners including global e-payments company Wave Crest; global banking and payment technology provider FIS; digital banking solutions provider Intelligent Environments; G&D for its contactless payment cards; IDT Financial Services Limited which is providing an interim e-money licence and BIN sponsorship whilst O2’s own e-money licence is approved; Cogenta for its product search and promotion capabilities and Visa Europe for the payment brand and contactless payment technology.
The launch of O2 Wallet will come as good news to the millions of consumers who already use their mobile to manage their money and shop on the go. The proportion of people using mobile banking increased from 9.7% in 2010 to 20.4% in 2011 ; whilst shopping on mobile devices is set to increase by 53% in the next 12 months hitting £4.5bn and making Brits the biggest mobile shoppers in Europe.
O2 Money Account Card is issued by IDT Financial Services Limited pursuant to a license from Visa Europe Limited. IDT Financial Services Limited is regulated and authorised by the Financial Services Commission, Gibraltar. Registered Office: 57-63 Line Wall Road, Gibraltar. Registered No. 95716.
 TNS Mobile Life, 2011
 Kelkoo & Centre for Retail Research