We’re beginning to see the convergence of the mobile phone and the wallet with the news that telephone network O2 is to launch a pair of pre-pay Visa cash cards.
From next month, O2 customers will be able to get the O2 Money cards for free, and once loaded with cash, can be used in stores (that accept Visa) and can withdraw cash from ATMs. There will be 2 types of card on offer – Cash Manager or Load & Go.
Whilst this isn’t particularly revolutionary, where the mobile phone link comes in is that O2 cardholders  will get  text messages sent to their (O2) mobiles every time they spend on the card.
It’s being marketed as a useful tool for keeping track of your spending, but it’s also designed to build in some loyalty to both O2 and Natwest (the provider of the service), as well as possibly giving them an insight into your spending habits and income, data they could use in a number of ways.
The advancement of mobile phone technology is really leading us towards a time when mobile payments will be the de facto way of paying for goods and services, as well as allowing us to keep better track on our spending and to manage our money, and this card (and inevitably similar offerings from other mobile networks) is one step on the road to that eventual destination.
At some point in the not too distant future, your phone will be the only currency you’ll need to carry – and your mobile phone bill may be directly tied to your current account – you may simply have to text an amount to a retailers special text number to pay them.
Whilst the Cash Manager card can be loaded with up to £10,000 per year, the Load & Go card is aimed at kids from the age of 13, and can only be loaded with up to £150 per month.
Find out more on the O2 Money website.
