O2 e-wallets to hit the high street

Following a series of highly successful trials of its ‘electronic wallet’ technology, O2 is attempting to organise vendors, retailers and banks to overcome barriers for a commercial launch.

The ‘electronic wallet’ is a mobile phone handset that uses NFC technology to function as an Oyster card, credit card and even a loyalty card.

The trial, which took place over six months and involved 500 people found that nine out of ten participants were happy to use NFC technology on their mobile phone with 78 per cent saying they would be interested in making near field transactions if available.

Visa and Barclays participated in the trial, but it is rumoured that O2 are keen to involve Mastercard and American Express it is reported that O2 are in negotiations with two further large high street banks.

Link: Pocket-Lint