Smartphone network provider O2 has announced its latest plans to let customers do away with their wallets and digitalise their cash with the new O2 wallet app allowing users to transfer up to £500 via text message.
The company’s take on the digital wallet, the newly unveiled O2 service will see customers given the chance to use digital renditions of their credit and debit cards to make purchases from online stores. Those with NFC enabled handsets will be able to make contactless in-store payments using the service in the near future, O2 has confirmed.
With more than 100 retailers signing up to support the service, including the likes of Tesco Direct, Comet, Debenhams and Sainsbury’s Direct, users will be able to message payments as well as compare prices on items and view transaction histories.
Whilst the service will be free to use at first O2 has revealed that it intends to charge 15 pence per money message sent in the near future.
"We believe it will transform the way people manage their finances and spend money,” said James Le Brocq, Managing Director of O2 Money. "O2 wallet has been trialled internally for months and has undergone extensive 'stress-testing' with security experts. This is, we believe, the safest and most secure way to deliver mobile payment services."
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