{{Use dmy dates|date=April 2014}} {{Use British English|date=April 2014}} {{Infobox company | name = O2 Money | logo = | type = [[Privately held company|Private]] [[Subsidiary]] | genre = | predecessor = | founded = {{Start date and age|df=yes|15 July 2011}} | founder = [[O2 (United Kingdom)|O2]] | hq_location_city = | hq_location_country = United Kingdom | num_locations = | area_served = [[United Kingdom]] | key_people = | industry = [[Finance and insurance]] | products = [[Finance and insurance]]<br />[[Credit Cards]] | services = | parent = [[O2 (United Kingdom)|O2]] | revenue = | operating_income = | net_income = | assets = | equity = | owner = [[O2 (UK)|Telefónica UK Limited]] | num_employees = | divisions = | subsidiaries = o2 wallet <small>(Closed 2014)</small> | website = | footnotes = }} '''O2 Money''' was a range of financial services provided by [[O2 (United Kingdom)|O2]] in the [[United Kingdom]].
Launched on 15 July 2011, O2 Money debuted as line of [[Visa Debit|Visa]] [[ATM card|cash card]]s issued by O2 and provided by [[National Westminster Bank|NatWest]]. The cards enabled O2 customers to use [[electronic money|digital currency]] as an alternative to [[cash]] or [[cheque]]s.
O2 announced in a [[press release]] on 23 February 2011 the "second phase" for O2 Money. The phase involves the company's move away from physical currency through the discontinuation of the Cash Manager and Load & Go cash cards and the release of a "mobile wallet" application for [[Android (operating system)|Android]] and [[iOS (Apple)|iOS]] devices. The application will use NFC technology embedded in a phone to access money banked with [[Barclays]] via O2.<ref>{{cite press release | publisher = [[O2 (United Kingdom)|O2]] | date = 1 September 2011 | title = Introducing the Mobile Wallet | url = http://blog.o2.co.uk/home/2011/02/introducing-the-mobile-wallet-.html | access-date = 14 September 2011 }}</ref>
== History ==
=== Pre-release === O2 began trials of NFC technology in {{start date|2007|df=y}}, with 500 individuals participating in the trial. The individuals used a specific [[Nokia]] handset to make payments at selected retailers, and travel the [[London Underground]] with transactions made via [[Barclays]]. O2 has since been in discussions with large retailers, such as [[Tesco]] and [[W H Smith|W. H. Smith]], for the deployment of the necessary electronic point of sale units, and with handset manufacturers, such as [[Apple Inc.|Apple]] and [[Samsung]], to enable NFC technology on all future devices.<ref>{{cite web | url = http://www.mobilenewscwp.co.uk/News/287030/o2_nfc_is_ready_to_launch.html | title = O2: NFC is ready to launch | date = 15 July 2009 | access-date = 14 May 2010 | publisher = Mobile News | archive-date = 18 July 2009 | archive-url = https://web.archive.org/web/20090718031955/http://www.mobilenewscwp.co.uk/News/287030/o2_nfc_is_ready_to_launch.html | url-status = dead }}</ref>
In {{start date|2010|02|df=y}}, the [[GSMA]], Samsung, [[Telefónica]], [[Visa Inc.|Visa]] and [[La Caixa]] demonstrated mobile payments at the [[Mobile World Congress]] in [[Barcelona]]. Participating companies provided 400 NFC enabled handsets to guests for use at the Congress. The [[Samsung S5230]] NFC-enabled handsets contained [[O2 (United Kingdom)|O2]] SIM cards pre-loaded with £55 and a [[La Caixa]] [[Visa Inc.|Visa]] [[Mobile Payment]] [[Application software|application]]. Participants were able to use the handsets to pay for food and drink up to the value of £70 at 30 locations at the congress.
It was the first [[Subscriber Identity Module|SIM]] card-based [[Near Field Communication]] technology payment to be demonstrated at the event.<ref>{{cite web | url = http://www.tmcnet.com/tmcnet/mobile-world-congress/articles/75877-mobile-contactless-payments-trials-conducted-mobile-world-congress.htm | title = Mobile Contactless Payments Trials Conducted At Mobile World Congress 2010 | date = 17 February 2010 | access-date = 14 May 2010 | publisher = TMCnet}}</ref>
In {{start date|2010|05|df=y}}, Telefónica Europe began a controlled commercial trial of its NFC service in [[Plzeň]], a city in the [[Czech Republic]]. The trial consisted of O2 distributing Nokia 6212 Classic mobile phone with NFC functionality. The phones were pre-loaded with transportation tickets and city services cards. It is the first time that Telefónica has offered NFC services on a commercial basis.<ref>{{cite web | url = https://www.nearfieldcommunicationsworld.com/2010/05/27/33754/telefonica-o2-launches-first-commercial-nfc-service-and-sets-out-strategy-for-future-deployments/ | title = Telefónica O2 launches its first commercial NFC service — and sets out strategy for future deployments | date = 27 May 2010 | access-date = 13 June 2010 | publisher = NFC World}}</ref>
=== O2 Money === O2 Money was launched in partnership with [[National Westminster Bank|NatWest]] by [[O2 (United Kingdom)|O2]] in {{start date|2009|07|df=y}}. O2 had previously been working with [[Barclays]] to trial [[Near Field Communication|NFC]] mobile payments. However, Tim Sefton, Customer Director at O2 stated the partnership with NatWest did not preclude future partnerships with other banks.
O2 Money has been described by Ronan Dunne, CEO at O2, as the first step in implementing NFC technology in [[mobile phone]]s in the United Kingdom.<ref>{{cite web | url = https://www.nearfieldcommunicationsworld.com/2009/07/28/31450/telefonica-launches-o2-money-says-it-is-ready-to-deploy-nfc/ | title = Telefónica launches O2 Money, says it is ready to deploy NFC | date = 28 July 2009 | access-date = 13 May 2010 | publisher = NFC World}}</ref>
The service received over 100,000 applications in the first seven weeks, making it the most successful financial card launch in the United Kingdom.<ref>{{cite web | url = http://www.marketingweek.co.uk/brands/extending-the-gift-of-control/3012787.article | title = Extending the gift of control | date = 29 April 2010 | access-date = 29 April 2010 | publisher = Marketing Week}}</ref>
Both cards were provided free and exclusive to O2 customers.
=== Transition ===
{| class="wikitable" style="center" |- ! colspan="8" | Date ! colspan="2" rowspan="2" | Event |- ! rowspan="13" | <small>2011</small> |- ! colspan="8" | <small>November</small> ! rowspan="13" | <ref>{{cite web | url = http://money.o2.co.uk/ | title = O2 Money | date = 1 September 2011 | access-date = 14 September 2011 | publisher = [[O2 (United Kingdom)|O2]] | archive-date = 23 September 2011 | archive-url = https://web.archive.org/web/20110923144556/http://money.o2.co.uk/ | url-status = dead }}</ref> |- | align="center" | <span style="color:#808080">31</span> | align="center" | 1 | align="center" | 2 | align="center" style="background: #71A6D2;" | 3 | align="center" | 4 | align="center" | 5 | align="center" | 6 | Users won't be able to load money onto an O2 Money card and any regular loads will automatically stop. |- | align="center" | 7 | align="center" | 8 | align="center" | 9 | align="centre" style="background: #71A6D2;" | 10 | align="center" | 11 | align="center" | 12 | align="center" | 13 | Accounts will close and users won't be able to use their card to spend money. |- | align="center" | 14 | align="center" | 15 | align="center" | 16 | align="center" | 17 | align="center" | 18 | align="center" | 19 | align="center" | 20 | rowspan="2" | |- | align="center" | 21 | align="center" | 22 | align="center" | 23 | align="center" | 24 | align="center" | 25 | align="center" | 26 | align="center" | 27 |- | align="center" | 28 | align="center" | 29 | align="center" style="background: #71A6D2;" | 30 | align="center" | <span style="color:#808080">1</span> | align="center" | <span style="color:#808080">2</span> | align="center" | <span style="color:#808080">3</span> | align="center" | <span style="color:#808080">4</span> | Remaining money on cards will be refunded as cheques. |- ! colspan="8" | <small>December</small> |- | align="center" | <span style="color:#808080">28</span> | align="center" | <span style="color:#808080">29</span> | align="center" | <span style="color:#808080">30</span> | align="center" | 1 | align="center" | 2 | align="center" | 3 | align="center" | 4 | rowspan="2" | |- | align="center" | 5 | align="center" | 6 | align="center" | 7 | align="center" | 8 | align="center" | 9 | align="center" | 10 | align="center" | 11 |- | align="center" | 12 | align="center" | 13 | align="center" | 14 | align="center" style="background: #71A6D2;" | 15 | align="center" | 16 | align="center" | 17 | align="center" | 18 | Accounts will be terminated and support services will be closed. |- | align="center" | 19 | align="center" | 20 | align="center" | 21 | align="center" | 22 | align="center" | 23 | align="center" | 24 | align="center" | 25 | rowspan="2" | |- | align="center" | 26 | align="center" | 27 | align="center" | 28 | align="center" | 29 | align="center" | 30 | align="center" | 31 | align="center" | <span style="color:#808080">1</span> |}
=== Mobile wallet === A spokesman for O2 announced on 3 February 2011 the company's plans to release a "mobile wallet" application, an NFC-powered mobile payment application for NFC-enabled [[smartphones]] in the second half of 2011.<ref>{{cite web | url = http://www.t3.com/news/o2-to-launch-nfc-mobile-payments-app?=53185 | title = O2 to launch NFC mobile payments app | date = 5 February 2011 | first = Richard | last = Wordsworth | access-date = 14 September 2011 | publisher = [[T3 (magazine)|T3]] | archive-date = 14 April 2011 | archive-url = https://web.archive.org/web/20110414030512/http://www.t3.com/news/o2-to-launch-nfc-mobile-payments-app?=53185 | url-status = dead }}</ref> O2 has since expressed its ambition to release the application before the [[2012 Summer Olympics]] in London.
The application allows users from any UK mobile network to use their smartphone to access money loaded on to a prepaid visa debit card, which is issued electronically when you register. You can also upgrade and obtain a physical Visa debit card for the cost of £3. There are plans to enable customers to use their smartphones as an [[electronic ticket]], such as the [[Oyster card|Oyster Card]] used throughout [[Transport for London|transportation in London]].
O2 has applied for an [[electronic money]] licence from the [[Financial Services Authority]] which will allow it to offer money transfers between customers in addition to [[contactless payment]]s at 60,000 locations in the UK.<ref>{{cite web | url = https://www.techradar.com/news/phone-and-communications/o2-to-launch-nfc-mobile-wallets-this-year-926224 | title = O2 to launch NFC mobile wallets this year | date = 4 February 2011 | first = Kate | last = Solomon | access-date = 14 September 2011 | publisher = [[TechRadar]]}}</ref>
James Le Brocq, Head of Financial Services at O2, told Mobile News he expects to announce a range of partnerships with "a number" of organisations in relation to the mobile wallet service, most likely before Q3 2011.<ref>{{cite news | url = http://www.mobilenewscwp.co.uk/2011/02/o2-to-launch-mobile-wallet-service-in-second-half/ | title = O2 to launch mobile wallet service in second half | date = 3 February 2011 | first = Michael | last = House | access-date = 14 September 2011 | publisher = Mobile News | archive-date = 29 January 2012 | archive-url = https://web.archive.org/web/20120129175216/http://www.mobilenewscwp.co.uk/2011/02/o2-to-launch-mobile-wallet-service-in-second-half/ | url-status = dead }}</ref>
The mobile wallet application is available for the [[Android (operating system)|Android]] and [[iOS (Apple)|iOS]] operating systems.
==== Closure ==== It was announced on 9 January 2014 that the O2 wallet service would be closing as of 31 March 2014. <ref>{{Cite web|url=http://www.o2.co.uk/money|title = O2 | O2 money | the O2 Wallet service closed on 31st March 2014}}</ref>
===O2 Money=== End of October 2020 [[Telefónica Germany]] together with [[Comdirect Bank|Comdirect]] (part of [[Commerzbank]]) launched a [[mobile app]] called ''O2 Money'' that provides users with an overview of their finances, includes functions of [[Personal budget|personal budgeting]] tool and a listing of all contracts and subscriptions. It also offers interest in exchange for aggregated account data via a bonus programme for O2 customers. Nevertheless, this financial app is free to use for anyone.<ref>{{cite news |last=Sharma |first=Ray |date=2020-11-04|title=O2 Germany Launches New Smart Financial App 'O2 Money' |url=https://www.thefastmode.com/services-and-innovations/18346-o2-germany-launches-new-smart-financial-app-o2-money |work=thefastmode.com |access-date=2020-12-17}}</ref><ref>{{cite news |last=Kannenberg |first=Axel |date=2020-10-26 |title= "O2 Money": Telefónicas Finanz-App bietet Bonuszins für "Kontoinformationen" |trans-title="O2 Money": Telefónica's finance app offers bonus interest for "account information |url=https://www.heise.de/news/O2-Money-Telefonicas-Finanz-App-bietet-Bonuszins-fuer-Kontoinformationen-4939064.html |language=DE |work=[[Heinz Heise|Heise oinline]]|access-date=2020-12-17}}</ref>
== Further reading == * [[O2 (United Kingdom)]]
== References == {{reflist}}
[[Category:O2 (UK)|Money]] [[Category:Personal finance]] [[Category:Finance in the United Kingdom]] [[Category:Currencies introduced in 2011]]