By Richard Mallion
Mobile network O2 has launched a new app for iOS that allows users to transfer money up to the value £500 via text message.
It also allows customers to “digitise” their debit and credit cards to speed up purchases from online stores.
O2 also has plans to allow users of phones with near-field communication (NFC) chips to make contactless payments in high street shops. There have been big rumours that the next iPhone will incorporate NFC but we will have to wait and see.
The service is currently free to consumers at first, but O2 said that it would charge 15p for each money message sent by text at a later date.
Currently there are more than 100 retailers who have agreed to accept payments from the service. They include Debenhams, Comet, Sainsbury’s Direct and Tesco Direct.
Users can also benefit from a search facility that compares how much goods cost, the ability to load money onto the app from their debit cards and a “transaction history” that keeps track of what they have spent.
You can register for the service on O2’s web site – Direct Link