O2 seeks licence for money texting

[EXC]

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 seeks licence for money texting - Telegraph

[enaid]

Re: O2 seeks licence for money texting

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.





Looks like the Spanish are still gunning for us afer all these years, if they can't take us sea battles they will take our money instead lol

[Amethyst]

Re: O2 seeks licence for money texting

I don't understand - rather than having cards you have pictures of your cards on an app in your phone, when you shop you select which card to use and bluetooth/text the details to the recipient (till or ticket machine) is that kind of the plan ? so 02 are the method of payment rather than the source (ie you dont keep the money with them?) I have an 02 prepay card but thats through a bank.

The kids buy daft games and screensavers for their phones with their mobiles through texting. That comes off your phone credit balance.

Topping up - you phone and tap in the last 4 digits of your debit card etc to buy credit and it comes out your bank.

[enaid]

Re: O2 seeks licence for money texting

Electronic Money Directive (EMD)

[EXC]

Re: O2 seeks licence for money texting

Electronic Money Directive (EMD)

''E–money is defined in 2EMD as electronically (including magnetically) stored monetary value''.

Sounds like a pre paid cash card where you have to top up before spending to me.

[Angry Cat]

Re: O2 seeks licence for money texting

http://www.macuser.co.uk/4193-mobile-payments

[Amethyst]

Re: O2 seeks licence for money texting

Useful article AC ta


New phones from Everything Everywhere, the recent merger of Orange and T-Mobile’s UK networks, will let users make payments from a prepaid MasterCard PayPass account.

So yes, prepay.

The phone can be “charged” simply by entering details from a Barclaycard or Orange credit card or Barclays debit card, or from the Barclaycard website. It can then be used to pay anywhere that accepts contactless payments, at present that amounts to some 40,000 retailers. Users simply wave their phone at the reader

And it comes with a free slide.

[enaid]

Re: O2 seeks licence for money texting

Useful article AC ta


New phones from Everything Everywhere, the recent merger of Orange and T-Mobile’s UK networks, will let users make payments from a prepaid MasterCard PayPass account.

So yes, prepay.

The phone can be “charged” simply by entering details from a Barclaycard or Orange credit card or Barclays debit card, or from the Barclaycard website. It can then be used to pay anywhere that accepts contactless payments, at present that amounts to some 40,000 retailers. Users simply wave their phone at the reader

And it comes with a free slide.

have ordered mine