O2 mobile wallet goes live

The Independent reports.

Several functions are being brought together in the app to create the wallet, enabling consumers to transfer cash via their mobiles, compare prices, track their spending and shop, O2 said.

This is Money says the major worry for potential users will be the issue of security. In order to access the wallet, consumers need to enter a PIN.

But those behind the product said it has undergone extensive security testing to ensure it is safe, with personal details and financial information held on remote central servers rather than in the mobile phone itself.

O2 Wallet is compatible with the majority of smartphones and iPads. O2 says it is also compatible with feature phones, such as Money Messages, as long as they have Web browsing capability on their handsets, Computer Business Review reveals.

O2 and Visa had originally planned to launch the O2 Wallet last year, but delayed the product for further testing. Like most mobile payment systems, security and standardisation has been a problem.