Mobile
system O2 has launched a smart phone app that allows users to move up
to £500 via text message. According to the firm said it had detained off
introducing contactless payments as only a handful of retailers had
installed the necessary systems. O2 wallet has been trialled internally for months and has undergone extensive stress-testing' with security experts.
O2
and its rivals Vodafone and Everything Everywhere are working on a
nationwide mobile expenses service dubbed Project Oscar. They had hoped
to have it up and running in time for the London Olympics.
The service will be free to customers at first, but O2 said that it
would charge 15p for each money communication sent by text at a later
time.
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