O2 Money introduces the teen-friendly Load & Go card

Posted by David Walker on Wed 15 Jul 2009

Mobile phone network turns banker, writes David Walker

O2 does finance? It certainly does, tying up with regular bankers NatWest to produce a couple of pre-pay cards, one for adults, but more interestingly, a Load & Go card for teenagers.

Think of it as modern-day pocket money, with parents loading up the chip and pin card to their chosen limit, allowing their offspring to splash the cash just like regular credit card users. Indeed, it is a regular card, able to be used online, in a cash machine or in any shop that shows the Visa logo. Which is more or less any reputable high street store. Applicants can be aged between 13 and 16 and of course, a parent will need to sign the form. After all, they will be paying for it. Talking of paying, the card is fee-free, but as you can never go overdrawn, that's no surprise.

So where does O2 come in? Well, for a start, it's giving the card a push with its name in the top-right corner, but they are also giving the cards a mobile spin, with real-time balance updates sent to your O2 phone. More significantly, they are investing in the future - a time when your phone replaces your credit card and cash maybe?

Speaking at the launch, Ronan Dunne, O2’s UK Chief Executive, hinted that could be the case: 'O2 has a strong and successful track record of innovation and O2 Money will represent a launchpad into a wide range of mobile banking services. We believe that we are at the start of a journey towards the coming together of phone and wallet and we intend, through O2 Money, to be at the forefront of this trend.'

If you like the idea of the card, but happen to be over 16, O2 Money is also offering an adult version called Cash Manager, which does much the same, but instead of parents filling it, the card is fed with cash from your salary. Then again, you could ask your parents to fill it up - if you are still living at home, you might even get away with it.

Link: O2

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