O2 has confirmed that it will launch a mobile smartphone wallet solution in the second half of 2011. The company has defined four key services that will be offered: being able to buy products and services online via m-commerce payments, mobile money transfers from person to person, mobile pay-as-you-go top-up services and contactless payments in retail stores.
The rumour is that these four services will probably not launch at the same time, but the first will be introduced in the second half of the year and the rest will follow.
With around 40,000 contactless terminals already in the UK, in places such as Eat and McDonald’s, retailers have noticed there are some big opportunities around this technology.
A spokesperson for O2 said “Unless you get a large enough amount of NFC readers out there, consumers won’t use the service. But we will see that number rising to around 60,000 by the end of the year and the Olympics next year will provide impetus to create more readers.”