RBS/Natwest partner with O2 to launch O2 Money and 2 fee free pre-paid debit card propositions

For the banking industry the announcement of the launch of O2 Money and the NatWest tie up is a significant step for a number of reasons not the least of which is another innovative business model that introduces a fee free prepaid card. “The O2 Money cash cards are two completely Fee Free pre-paid Visa cards, which will help people better manage their spending money by never going overdrawn and with real-time balance updates sent to their mobile phone. They combine a clear, simple and transparent approach to banking with all the benefits of mobile – always with you and immediate. The cards are ideally suited to help O2 customers in the current economic climate and will be available by the end of August.”

Personally I think that the combination of mobile and card proposition that has been developed is long over due. It is not revolutionary technology, perhaps, but it is a revolutionary proposition and that is more important.

I ought to declare a personal interest in the launch and the announcement today of O2 Money today, so I am not unbiased in my praise. This is the second time I have worked for a bank with O2 and it is always fun. Last time was Barclays.

The announcement is also a considerable statement of intent from Nat West and the RBS Group following on from Roy Vella joining them from PayPal Mobile and gives an interesting snap shot of his thinking.