Aim-listed technology company Parseq has jumped by nearly a quarter after one of its subsidiaries won a multi-million pound contract with O2.

Parseq said the deal was a three year contract to manage a mobile wallet service for “a major new entrant to the UK retail financial services market.” But O2 has issued an announcement detailing the awarding of a contract to Parseq subsidiary Intelligent Environments. Other companies involved in the O2 project are Gibraltar based e-payment group Wave Crest and US technology group FIS. O2 said:

[We have] committed to launching a mobile wallet service during the second half of 2011 which will start the process of taking the contents of the physical wallet and putting them on a mobile phone. Capabilities planned for the wallet include m-commerce, airtime top ups, contactless/NFC [near field communications] payments and peer-to-peer payments. Although the service will launch solely under the O2 Money brand, O2 will be working with a number of leading technical and financial services specialists to ensure the best possible customer experience.

The news has sent Parseq’s shares up 1p to 5.125p, a 24% increase.