O2 Snaps Wallet Shut

Jan. 13, 2014

masterpass-eur British mobile carrier O2 late last week shuttered its 18-month old mobile wallet initiative. O2’s app enabled P2P payments, the ability to compare prices online by scanning barcodes, daily coupons from major U.K. retailers and a Visa prepaid account for shopping online or at physical locations. The company has never released the number of users or the total value of transactions performed via the wallet.

“When we launched the O2 Wallet 18 months ago we were one of the first mobile wallets around,” the company said in a statement. “Since then lots has changed for us, the market and our customers. So, we’ve decided to close the O2 Wallet to give us time to look into new and better ways to help people manage their money on the move, both in the UK and abroad.”