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O2 Gives Barclays' Pingit App A Run For Their Money...Transfer

Mobile operator O2 is testing a new application amongst its staff with plans to introduce it to their customers in the next three months. Similar to Barclays' Pingit, this new application facilitates users by allowing them to connect their smartphone devices to their respective bank accounts to transfer money simply by sending a text message. The only difference is that Pingit only gives permission to Barclays customers but with the O2 app, customers from any UK bank will also be allowed to use this service - as well as customers of any of the UK's mobile networks.

Chief executive at O2, Ronan Dunne, stated that, "We have applied [to the EU] for an e-money licence, we have our provisional approvals. It's all going through. We'll be part of Visa - all of the credentials you would expect from somebody launching this service," reported The Telegraph.

The news made by O2 was just one of a number of announcements made at the Mobile World Congress 2012 concerning the influx of mobile payment services, including Vodafone's revelation regarding their partnership with Visa to offer a service which will replace cash with virtual money.

It seems there has been quite the revolution in this payment method, with everyone wanting to be a part of it.