O2 Ireland has expanded into the financial services market for the first time with the launch of its new prepay money card 'O2 Money'.

The new card is not a credit or a debit card, but a card where people can load money onto in advance of it being used. Customers can only spend what they put onto the card, helping them to manage their budget more effectively.

The card can be bought in O2 stores nationwide by customers of any Irish mobile operator who are 18 years and older. They can top up by up to €350 a day on their card, which can be used almost anywhere that accepts electronic Visa payments at home or abroad or online.

'With the existing prepay mobile customer base of one million, O2 is highly experienced in the provision of prepay services and the introduction of a prepay money card is a natural and exciting progression for us,' commented O2 Ireland's new chief executive Stephen Shurrock.

The new card has been developed by O2 with 3V Transaction Services, an Irish payments company.