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Telecoms

Soon u’ll b able to pay by txt 2!

By 18th February 2011February 15th, 2022No Comments

 

 

Posted by: Nick Beaumont-Jones

O2, Britain’s largest single mobile phone operator, is applying for a financial services licence to allow its customers to text each other money.

O2, Britain’s largest single mobile phone operator, is applying for a financial services licence to allow its customers to text each other money.

The move means that O2 has become the first UK mobile operator to prepare an application for the new e-money licence.

Matthew Key, chief executive of Telefonica Europe, the Spanish owner of 02, said the licence, which will be regulated by the Financial Services Authority (FSA), will also allow customers to buy train tickets and goods and services with their mobiles.

Mr Key said the Mobile Money service, which will be launched this summer, could herald the end of carrying around pockets full of loose change.

“Our strategy is to bring to market a mobile wallet, taking everything you currently carry in your physical wallet and putting it in your mobile,” he said in an interview with The Sunday Telegraph.

The e-money licence, which is due to be incorporated into UK law this spring following a European directive, will allow O2 to provide a range of financial services without teaming up with a bank.