7/15/2009 11:28:00 AM
O2 enters financial services with two prepaid debit cards
O2 is entering the financial services market with the launch of ‘O2 money’ and two prepaid debit cards in partnership with NatWest.
The network will launch the free prepaid Visa cards, designed to give O2 customers ‘better control of their money’, by the end of August.
The first, ‘Cash Manager’, is aimed at customers, particularly the student market, that want to control spending. Money can be transferred onto the card and used in shops, abroad and online.
‘Load & Go’ is aimed at the under 16s youth market and will be marketed as ‘the replacement for pocket money’.
It can be used online and on the high street, and to draw money from an ATM. Parents can load money onto the card online and it can not be used on over 18s products. Both cards provide real time text updates every time they are used.
The company said the service is the start of a number of financial products that will see the convergence of phone and wallet. O2 has recently undertaken Near Field Communication (NFC) trials that could see mobiles used as Oyster or credit cards.
O2 CEO Ronan Dunne said: ‘O2 has a strong and successful track record of innovation and O2 Money will represent a launch pad into a wide range of mobile banking services.
‘We believe that we are at the start of a journey towards the coming together of the phone and the wallet and we intend, through O2 money, to be at the forefront of this trend.
‘This launch represents an important step towards O2 becoming a leading service provider with mobile at its core.’