O2 has launched a wallet app that is
compatible with the iPhone and other smartphones and enables P2P
money transfers and m-payments in more that 100 online retailers in
the UK.

The launch of the O2 wallet comes less than
two weeks after Barclays Bank made its Pingit mobile payment app
accessible for all UK card holders.

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Initially, the O2 wallet will be available for
customers of any UK network and not only for O2 subscribers.

But the company is considering charging a
£0.15 fee on m-money transfers further down the line, although it
is not clear when exactly.

O2’s wallet features a money message service
by which users can transfer between £1 to £500 via SMS per day. NFC
payments are not yet available, but the company may add the
solution in the future.

The wallet can be topped up using debit cards,
money messages or cash at a network of around 30,000 different
stores. A monthly balance can be traced down using the mobile app
and a text alerts service can be activated by customers who want to
have control of the transactions that have been made.

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O2’ solo initiative comes after the European
Commission’s decision of opening an in-depth investigation into
Project Oscar, a joint venture between T-Mobile, Orange, O2 and
Vodafone in the UK to deliver a mobile wallet product.

The investigation is being carried out in
order to safeguard competition in a market that is still in its
infancy. The European Commission said that, as it now stands, the
UK joint venture of the four operators may bedevil future mobile
wallets and turn them less attractive for consumers.

The European Commission’s final decision on
Project Oscar is due on 27 August.