Only just launched in April 2012, the service is going to be abandoned on March 31, 2014.
O2, a mobile network operator in the United Kingdom, has announced its intentions to shut down its mobile wallet service as of the end of March, this year, after only two years of operation.
The service offered a number of different features to its users through their smartphones and tablets.
Among the services available through this mobile wallet was smartphone and tablet based shopping, money transfer and offer services. Moreover, it also included a Visa contactless card and the tracking of transactions. It was originally intended to be one of the services that would be broadening to include the use of NFC technology among its supported tech.
The O2 mobile wallet was among the very first to enter into this part of the smartphone payments space.
A statement released by the carrier said that when they started the service in 2012 they were one of the first around. However, it also added that “Since then lots has changed for us, the market and our customers. So, we’ve decided to close the O2 Wallet to give us time to look into new and better ways to help people manage their money on the move, both in the UK and abroad.”
They did express that the journey itself has been exciting one for the company and it thanked those who took part in it. They also added that “it’s not over yet” and that they will be making other announcements regarding new innovations that would be occurring into the future.
They did want to make it clear that after the end of March, this year, consumers who had previously using the O2 mobile wallet service would no longer be able to do so, nor would they have access to the O2 Money Account Card. This also includes being able to send or receive the service’s Money Messages and being able to use the card or wallet for shopping. Moreover, train tickets will not be purchased through the app and cell phone top ups will also not be available.
They feel that as consumers are coming to depend on their smartphones for a growing number of daily tasks, including for business purposes and for their banking, they will become increasingly willing and interested in using those same devices to pay for their purchases of products and services. Moreover, a growing number of companies have also started to integrate this form of transaction into those that they offer as the technology works more smoothly into their business models through its simplicity and accessibility.