Tag: m-payments

Mobile wallet service to be closed by O2 UK

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.

UK Mobile WalletA 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.

Mobile payments trends study shows increase in usage

The research, conducted by E-Complish, showed that there was a considerable 215 percent rise.

According to the recently released results of research from E-Complish, some of the most important mobile payments trends that have been observed include a major rise in the number of inquiries and transactions.

The firm went over the data that was available regarding the use of this technology over the last two years.

What E-Complish determined in their mobile payments trends study as that there has been an incrase of 215 percent in the use of this technology in 2013 when compared to the usage that was recorded in 2012. The company also noted that they had seen more than 30,000 transactions and that they had recorded processing over $4,500,000 by that date. Comparatively, in 2012, they had seen only 10,000 transactions and their total processing figure was only $1,500,000.

The company has stated that they have every reason to believe that these mobile payments trends will continue.

Mobile Payments UsageThey 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.

The E-Complish results showed that customers are using smartphone friendly systems for a wide variety of different purposes, ranging from shopping apps, to personal finance apps, or even the option to pay for services through text messages.

Stephen Price, who founded the company in 1998, has had a careful watch over the mobile payments trends regarding implementation and processing among a range of different types of businesses. He pointed out that efficiency is the primary goal of the company when it comes to the use of the technology. He added that this tech fits into a “diverse range of business models. They’re easily adaptable, and this data proves their versatility.”