UK carrier O2 dropping its mobile wallet service after less than two years

O2 UK's carrier-independent Money mobile wallet may have proven a little too ambitious. The network is shutting down the service on March 31st so that it can investigate "new and better ways" to handle payments -- in other words, it's not satisfied with Money's performance. Both the market and O2's parent company Telefonica have changed in the past two years, the provider tells Computerworld UK. We can't say we're shocked by the closure when there are now many more ways to pay with your phone in the country; it's a fiercely competitive space. Still, the news will be disappointing to shoppers who were hoping that O2's clout would give Money an edge over its rivals.