NatWest, the main UK retail banking
subsidiary of Royal Bank of Scotland, has teamed up with leading
mobile telecoms operator O2 with the roll out of two pre-paid cards
under the ‘O2 Money’ brand. The launch is part of a major push by
O2, owned by Spanish telecommunications giant Telefonica, into
consumer payments and banking.
Dubbed ‘Load & Go’ for the youth market
and ‘Cash Manager’ for adults, both cards are Visa branded and can
be used almost anywhere that accepts Visa within the UK and abroad,
as well as online, and will only be available to O2 customers.
Customers will receive SMS text alerts with an account balance when
they make a payment.
“These cash cards are the first step on the
road towards a more advanced mobile banking service, and the closer
alignment between mobile phones and payment technology,” said Helen
Page, managing director of marketing and innovation at
NatWest.
