O2 Releases Mobile Wallet App

Posted on: April 26th, 2012 by Tetrabyte No Comments

O2 has released a long-anticipated mobile wallet app designed for making payments on the go.

According to O2, users will be able to make payments of up to £500 simply by sending a text message. Users will also be able to make contactless payments with their smart phone as long as it is capable of ‘Near-Field Communication’ – I.E, it contains an NFC chip.

‘My O2 Wallet Homepage’

Tetrabyte Business IT - O2 Announces Digital Wallet

At present, there isn’t a charge for using this service, but O2 has made it clear that in the future they will levy a 15P charge for each transaction.

Security Implications

Bringing such easy payments to the consumer market doesn’t come without risks – if someone obtains your phone then all that stands in their way between themselves and your money is a password, so make sure any passwords you have aren’t easy to guess and aren’t written down in a place where someone can find them.

Aside from the risks, this looks like quite an interesting opportunity. I may download this app to try it out and, if I like it, I may be able to leave my wallet at home!