Intelligent Environments, a digital banking provider and part of the Parseq Group, has signed a three year contract to work with O2 to build, host and manage the application for its mobile wallet service.
O2 has announced that it will launch its mobile wallet service in the 2nd half of 2011, offering consumers a range of financial services, including mobile shopping, mobile phone top up and even exchanging money with friends. The multi-functionality app being built by Intelligent Environments is set to revolutionise the way that consumers manage and spend money on the go.
The partnership between Intelligent Environments and O2 marks the second stage in the development of O2 Money, O2’s financial services arm, following the successful launch of its prepaid card products in 2009.
O2 has conducted extensive trials around mobile payments and believes it’s time for the technology to go mainstream. James le Brocq, Managing Director of O2 Money, said, “We required an application provider that could work closely with us to develop a new and exciting channel to market for O2 Money. We want to give our customers a platform to manage money in an easy yet secure mobile environment, working across a wide range of handsets. Intelligent Environments will work with us to deliver an app to meet these needs and also create future opportunities for our customers to use their phone as a payments device.”
James Richards, Director, Mobile at Intelligent Environments, said, “This announcement is testament to the strength of our mobile proposition and it demonstrates that demand is not only coming from the banks but also from other sectors such as telecoms and online business. O2’s commitment to bring mobile financial services to the mainstream is a landmark development in the mobile banking and mobile payments sector. We are excited to be able to draw on our mobile financial app experience and be a part of this phase in O2 Money’s growth.”
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