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Money: O2 joins in with mobile payments(Guardian (UK) Via Acquire Media NewsEdge) Mobile operator O2 has become the latest firm to offer a mobile payments service, allowing consumers to use their handset to send money to other people and shop more quickly online. Following in the footsteps of Barclay's Pingit and Barclaycard's PayTag, the telecoms firm has launched O2 Wallet, which is open to all mobile users irrespective of which network they are on. Users can register their bank and credit cards via the app, and securely transfer between pounds 1 and pounds 500 daily to any UK mobile phone number. O2 says the service will make online shopping and lending, borrowing or repaying money to friends and family easier than ever. The wallet also includes a virtual O2 Money Visa account card, which sits alongside a physical card, to make high street purchases or cash withdrawals. It also allows tap-and-go payments at more than 100,000 contactless payment points across the UK. 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," he said."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." (c) 2012 Guardian Newspapers Limited. |