Two versions of the deal are available online and through the company's high street stores - one costing £10 per month, and the other £20.
The £10 package initially offers 75 minutes' free talk time, 500 free texts and 100 MB of data, plus 5% back on top-ups. After three months this rises to 150 minutes, 1000 texts and 200 MB of data. Customers who stay on for six months receive 10% back on top-ups, with unlimited texts added after nine months.
Subscribers to the £20 package initially receive 250 minutes' talk time, 2500 texts, and 250 MB data with 5% back on top-ups. This rises to 500 minutes, 5000 texts and 500 MB after three months, with 10% back on top-ups after six, and unlimited texts after nine.
After nine months, customers will receive offers on new handsets and money-saving deals with Priority Moments. Existing O2 customers will start off on the three-month traffic if they sign up to Pay & Go Go Go now.
"We all want to feel appreciated by the companies we choose to do business with," said O2 marketing executive Sally Cowdry.
"At O2 we've always prioritised loyal customers with offers like Fair Deal, O2 Rewards and Priority Moments. Pay & Go Go Go is yet another way of us rewarding and recognising that loyalty."
O2 have been under fire of late following a 24-hour service outage across parts of the UK last week.