O2 launches fee free pre-paid Visa debit cards

O2 has partnered with NatWest to make its debut in the personal finance market with the launch of O2 Money, a new business within O2 that will seek to advance the increasing synergies between mobile and money. The first products from O2 Money, supported by NatWest, are two cash cards, designed to give people greater control of their money.

The O2 Money cash cards are two completely Fee Free pre-paid Visa cards, which will help people better manage their spending money by never going overdrawn and with real-time balance updates sent to their mobile phone. They combine a clear, simple and transparent approach to banking with all the benefits of mobile – always with you and immediate. The cards are ideally suited to help O2 customers in the current economic climate and will be available by the end of August

“The strength of our brand and relationship with our customers gives us the ideal opportunity to take O2 into a completely new market,” said Ronan Dunne, O2’s UK Chief Executive. “By bringing a fresh, transparent and customer-focused approach to pre-paid cards, we plan to drive this market and take a significant share. In partnership with NatWest, O2 Money is delivering new ways of helping our customers better connect with their money."

Helen Page, Managing Director of Marketing and Innovation at NatWest, said: “In the current climate, NatWest is more committed than ever to developing innovative solutions to help customers connect with their finances. Aside from general mobile banking services such as text alerts, NatWest was the first bank to offer customers the opportunity to activate their debit card from their mobile phone, as well as providing a text alert service to keep them updated during every stage of their mortgage application. We believe these groundbreaking O2 Money cards will really raise the bar, in terms of the added value customers will get from the interaction with their mobile phone.”

The two pre-pay cards are powered through a partnership with NatWest and are called Cash Manager and Load & Go. They will allow people to ring-fence their disposable income and never spend more than has been loaded onto the card. They can be used almost anywhere that accepts Visa within the UK and abroad, as well as online, and will only be available to O2 customers.

Ronan Dunne continued, “O2 has a strong and successful track record of innovation and O2 Money will represent a launchpad into a wide range of mobile banking services. We believe that we are at the start of a journey towards the coming together of phone and wallet and we intend, through O2 Money, to be at the forefront of this trend. This launch represents an important step towards O2 becoming a leading service provider with mobile at its core.”

Helen Page continued. “More people than ever are using their mobile phones as a means of managing their money and NatWest is always looking at new ways of incorporating the mobile phone into our services, to ensure our customers can interact with us as easily as possible. These cash cards, delivered in partnership with O2, are the first step on the road towards a more advanced mobile banking service, and the closer alignment between mobile phones and payment technology.”

The O2 Money cards will be available to apply for from mid-August on O2’s website. For more information, visit o2money.o2.co.uk