O2 Wallet – using your phone as your Oyster/Paywave/etc card

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O2 have just completed a test of “near field communications”. It’s the technology used in Visa Paywave cards, Oyster cards, cards that let you into your block of flats, and all sorts of things. A similar sort of thing to the Barclaycard OnePulse card, but they want to put it into your phone so you don’t have to carry around a physical card. Good idea in theory. But what about in practice…?