O2 Launches Mobile Wallet
April 30, 2012
Late last week, British telecom firm O2 launched a mobile wallet designed to compete with mobile offerings from Google, Isis and PayPal. O2 Wallet, available as an application for Android, Apple’s iOS and BlackBerry, enables consumers to shop online, make Mobile P2P payments via text message, track items purchased and make ATM cash withdrawals. The app also will deliver targeted offers from retailers including Debenhams, Comet, Sainsbury’s Direct, and Tesco Direct. O2 says that while developing its wallet, it listened closely to consumers who repeatedly cite security as a top concern regarding mobile payments.
“We recognize that security is absolutely key,” says James Le Brocq, managing director of O2 Money. “O2 Wallet has been trialed 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.”
The operator said that it will not charge consumers to use the m-wallet app for six months.