The launch of the O2 Wallet will revolutionise how people shop online.
Designed as a way to offer mobile money to more consumers, the digital service will come with a comprehensive barcode and search engine function so individuals can find the cheapest price for branded goods.
As well as this, Britons can digitise their credit and debit card details, thus allowing them to pay for items using their handsets.
Secured money transfers will also be available – up to £500 every day – through a text message.
James Le Brocq, Managing Director at O2 Money, said: "With O2 Wallet, it's easier to transfer money, track expenditure and pay swiftly and securely, all using your mobile. We believe it will transform the way people manage their finances and spend money."
He added security is vital and so the application has undergone significant stress-testing by experts to ensure it is fit for purpose.
Sandra Alzetta, Senior Vice President of Mobile at Visa Europe, noted the release of the O2 Wallet highlights the continued growth of m-commerce.