MSE News: O2 Wallet launches for mobile payments... with a host of fees

A point to note is that the card is contactless, and that there's no fees for using it as a debit card. As such, if you order the card before 1st June, this seems like a cheap way to get a contactless card.

grumbler wrote: »

I guess the Regulations apply to banks and BSs only. E-wallets just use the services provided by the banks.

No, it applies to all payment service providers, including credit card issuers etc. Regulation 2 states that:

“payment service provider” means any of the following persons when they carry out payment services—

(a) authorised payment institutions;

(b) small payment institutions;

(c) EEA authorised payment institutions;

(d) credit institutions;

(e) electronic money institutions;

(f) the Post Office Limited;

(g) the Bank of England, the European Central Bank and the national central banks of EEA States other than the United Kingdom, other than when acting in their capacity as a monetary authority or carrying out other functions of a public nature; and

(h) government departments and local authorities, other than when carrying out functions of a public nature;

grumbler wrote: »

Well, I know at least two other e-wallets (FSA regulated) that take several days to process withdrawals: Moneybookers and Neteller. I think so do Paypal.

This is not allowed since 1st January 2012. That's why BACS is effectively no longer used for payments by consumers.

JuicyJesus wrote: »

A point to note is that the card is contactless, and that there's no fees for using it as a debit card. As such, if you order the card before 1st June, this seems like a cheap way to get a contactless card.

Here's another cheap (nay... FREE) way to get a contactless card — ask your current bank! Most are running trials (e.g. NatWest), and Barclays offer it for all eligible customers.