O2 has announced a new direction for its business, O2 Money, in a bid to increase its customer base in the UK.

Available to O2 customers only, the network has launched 'Cash Manager' and 'Load and Go' pre-pay debit cards, in partnership with Natwest, in order to let you help keep track of your cash with your mobile.

With Cash Manager, users can load the cards with money via the internet or an O2 store, and receive a text when the card is used and the remaining balance.

Know your limits

Apart from having a clearly defined limit, it works the same as a credit or debit card, and is available fee free to O2 customers, unlike other such options on the market.

The Load and Go option is essentially the same thing, but more geared for children aged 13 and over, with parents sent a letter when their child applies for a card, and the balance updates sent to them.

Ronan Dunne, O2's UK Chief Executive, told reporters that this will be the first step for O2 in a journey towards combining money and the mobile, meaning it won't be long before we see contactless technology combined with a mobile handset.