New Gadget 2011

In an interview with Mobile News, O2�s head of financial services, James le Brocq commented on the booming contactless payments market and revealed the network�s own plans to do its part to bring the tech to the mass market.

He said: �You are seeing a massive increase in the number of banks that are issuing contactless debit and credit cards at the moment.

�There will be 22 million contactless debit and credit cards and 60,000 contactless points of sale in the UK by year's end."

le Brocq, who previously worked for Barclaycard, said that the network will apply for an e-money license soon to offer customers the ability to �bank� cash to their O2 �mobile wallets� to make payments using their smartphones from Q3.

�O2 is investing substantially in the money business and recruiting more financial experts which will allow us to bring together the experience and capabilities of the financial services sector together with mobile to get the best of both worlds�, le Brocq stated.

Contactless payments are predicted to take off during the 2012 Olympics in London when millions of tourists will descend upon the capital. With consumers becoming increasingly savvy about the latest and greatest in smartphone technology, companies like O2 would be foolish not to prepare for what�s doubtless to become a lucrative business.