The telecoms company has sent briefs to agencies for a new advertising campaign to communicate the service that will run in the second half of the year.
O2 Money brand manager Will Kemble-Clarkson says: “We have to move with the changing consumer landscape and the rise of smartphone penetration. O2 Money is completely changing and will be much bigger.”
He adds that the revamped O2 Money will allow for a better consumer shopping experience by enabling consumers to switch from browsing to purchasing quicker.
The plan to introduce a revamped Money comes as rivals look to ramp up their financial services offering. Everything Everywhere, the joint venture between Orange and T-Mobile, has partnered with Barclaycard to launch mobile contactless payment services in the UK in the coming weeks.
O2 has applied to the financial regulator for an emoney licence as it prepares to launch its mobile contactless payment service.
The licence will allow O2 to “hold” money on behalf of customers in a virtual “wallet” and enable them to make purchases through their mobiles or use their device to send money to other people.
O2 first moved into financial services in 2009 when it partnered with NatWest to offer pre-payment cards. O2 managing director of financial services James le Brocq said in February that 800,000 customers are using the company’s financial services, which include travel and device insurance.