O2 names partners for latest finance services

O2 has announced Wave Crest, FIS, Intelligent Environments and Visa Europe as its financial partners for new mobile finance services.

The services will include m-commerce, airtime top-ups, contactless/NFC payments and peer-to-peer payments. Despite the collaboration with the four other companies the services will launch under the O2 Money brand. The companies will work with O2 to develop payment and processing systems for the services.

O2 is also planning to re-launch its prepaid Visa card with the capability of contactless payments. The partners will also help create the new systems and platforms required for the product.

James Le Brocq, MD, financial services at O2 said: “These partnerships take us another step closer to the launch of commercial mobile wallet services.”

Each of the four companies that O2 has partnered with will provide different elements of the services.

Epayment provider, Wave Crest, will be responsible for providing and operating the main banking platform for the new prepaid card and mobile wallet services. It will also be responsible for security and the customer experience online.

FIS, banking and payment technology provider, will supply transaction processing and UK based customer service for the prepaid cards and mobile wallet.

Intelligent Environment has been appointed to make the wallet application compatible with a range of mobile devices.

The services will use Visa Europe’s payment network building on its existing partnership with O2 since the companies launched O2 Money in 2009.

O2 plans to launch its new services in the second half of this year. Le Brocq added: “We look forward to unveiling additional partners in the coming months.”