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

Former_MSE_Helen

This is the discussion thread for the following MSE News Story:

"O2 has today launched an app, which allows mobile users to make and receive payments using a phone number"

Read the full story:
O2 Wallet launches for mobile payments... with a host of fees

NFH

You can also transfer money from your O2 Wallet account back into your chosen bank account, although you are charged £1 to send it via Faster Payments which takes up to two hours. It's free if you can wait up to four working days.

This would appear to breach Regulation 70(1) of the Payment Services Regulations 2009.

JuicyJesus

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

NFH wrote: »

This would appear to breach Regulation 70(1) of the Payment Services Regulations 2009.

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

NFH

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

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.

NFH

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.

thegoodman

NFH wrote: »

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

Why don't you get them to change, this will help everyone and you might become next Martin Lewis.

Jew

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.

girl_in_need

hi all
I wonder if you can help me I just had a call from o2 money and they told me they want some id . does anyone know the address where I can send this id to. if you can help that would be fab . thanks

mattyprice4004

Did you not ask them when they told you to send the ID to them?