O2 mobile phone folder app launches text message expenditure

Mobile system O2 has launched a smart phone app that allows users to move up to £500 via text message. According to the firm said it had detained off introducing contactless payments as only a handful of retailers had installed the necessary systems. O2 wallet has been trialled internally for months and has undergone extensive stress-testing' with security experts.

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O2 and its rivals Vodafone and Everything Everywhere are working on a nationwide mobile expenses service dubbed Project Oscar. They had hoped to have it up and running in time for the London Olympics. The service will be free to customers at first, but O2 said that it would charge 15p for each money communication sent by text at a later time.

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