O2 has unleashed its mobile payment app, O2 Wallet, into the app vestibules of the iPhone, Android and BlackBerry. What does it do and why should you download it? Read on, you pioneer of digital payments, you.
O2 Wallet is going toe to toe with the likes of Barclays PingIt, acting as your mobile money centre. From the app, you can manage accounts, check your balance and – crucially – send and receive up to 500 UK monies to friends with nothing but their phone number.
Not an O2 member? Not to worry: you can still use O2 Wallet.
Now, the obvious question that’ll spring to mind is: how safe is it? “We recognise that security is absolutely key,” says O2 Money’s MD James Le Brocq. “O2 Wallet has been trialled internally for months and has undergone extensive ‘stress-testing’ with security experts.”
“In addition to pins and passwords, all personal details and financial data are held on remote central servers rather than on the mobile device itself. This, we believe, is the safest and most secure way to deliver mobile payment services.”
And he’s not lying. I just tried to set up O2 wallet as a non-O2 customer, and it was a bit like breaking into Fort Knox. You’ll need a lock code, numerous passwords, verification codes and micro-payment confirmations. It’s a bit of an operation getting set up.
But, assuming you and the people you intend on sending payments to all go through it together, it should make the ‘who owes who’ rigmarole of paying for meals and the like a lot less painful.
Oh, and the weirdest bit we’ve found? If you try and send money the app asks if you want to share the transaction news via Facebook. Probably best not to let everyone know who you owe vast amounts of cash to. People will talk. Will you use O2 Wallet? Let us know below.