A new smartphone payment system that lets users transfer up to £500 via text message has been launched by O2 .
Available to all UK mobile phone owners – not just those on the O2 network, the O2 Wallet app enables people to transfer anything from £1 to £500 between mobiles .
It also acts as a shopping comparison tool by including a barcode scanner to enable users to scan products, find which retailer is offering the lowers price and purchase it online via their handset.
More than one hundred retailers, including Debenhams, Comet, Sainsbury’s Direct and Tesco Direct, have signed up to the O2 service and will now accept payments on their website from the mobile app .
In terms of security, O2 say all personal and financial details are stored on remote central servers rather than on the phone itself, and stress that the service has also undergone “extensive stress-testing” with security experts.
“O2 Wallet delivers the benefits of mobile money to more UK consumers than any other product or service currently available,” James Le Brocq, Managing Director at O2 Money.
“With O2 Wallet, it’s easier to transfer money, track expenditure and pay swiftly and securely, all using your mobile. We believe it will transform the way people manage their finances and spend money.
“Additional functionality will soon enable consumers to use O2 Wallet to top-up mobile airtime, buy train tickets and make mobile contactless payments via NFC technology.”
The O2 Wallet app can be downloaded now for free by anyone with a smartphone on any network.
