UK wireless provider O2 announced it's finally rolling out its mobile wallet. The O2 Wallet is a seamless and secure digital wallet that will let consumers transfer money to any U.K. mobile phone number using SMS text messaging, shop online using their mobile device, receive discounts and offers, track purchases and accounts,  and even shop offline or withdraw cash from an ATM with a companion Visa card.

"O2 Wallet delivers the benefits of mobile money to more U.K. consumers than any other product or service currently available," said James Le Brocq, O2 Money's managing director. "With O2 Wallet, it’s easier to transfer money, track expenditure and pay swiftly and securely, all using your mobile. We believe it will transform the way people manage their finances and spend money."

Along with the current functionality, O2 said it would be offering consumers services like mobile airtime top-up and the ability to buy train tickets.

Le Brocq said the new wallet has been tested for several months and has undergone "stress-testing" from security experts to verify that it's secure. In additional to PINs and passwords, all personal details and financial data are held in the cloud instead of relying on the device to store the information.

O2 said it has partnered with a number of companies to bring the O2 wallet to market, including financial technology provider FIS and card brand Visa Europe. IDT Financial Services Ltd. is providing 02 with an interim e-money license and BIN sponsorship while O2 waits for its own e-money license to be approved.

"The new service creates an easy and efficient online payment experience for mobile device users, supporting the continued growth of m-commerce in the UK, as well as encouraging contactless payments among those users who choose to take a physical card," said Sandra Alzetta, SVP of mobile for Visa Europe.

O2 said its digital wallet is fully compatible with most mobile devices, including iPads, and that even feature phones can use many of the O2 Wallet functions so long as they have the ability to access the web. 

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