O2 is searching for a new banking partner after splitting with NatWest.
The operator and bank will migrate customers to the new provider over the next year to ‘ensure minimal disruption’ to their existing customers.
An O2 spokesman said: ‘Following the hugely successful launch of the O2 Money cards, O2 and NatWest have agreed that O2 will migrate the service to a new provider. O2 and NatWest are committed to the continued growth of O2 Money but they also recognise that each companies’ priorities and strategic goals are now different.
‘The O2 Money cards will continue to be marketed and the migration to the new provider will take place over the next year to ensure minimal disruption to existing customers.’
O2 launched two free prepaid Visa cards, designed to give O2 customers ‘better control of their money’, in August 2009.
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 is marketed as ‘the replacement for pocket money’.
The company said O2 Money is the start of a number of financial products that will see the convergence of phone and wallet. O2 has already undertaken Near Field Communication (NFC) trials that could see mobiles used as Oyster or credit cards.