Prepaid mobile wallet, moneto, the result of a partnership between payments company Kalixa Group, technology company DeviceFidelity and MasterCard, has launched in the UK.
The wallet enables near field communications (NFC) functionality on an iPhone, allowing users to tap and pay for goods under £20 where MasterCard is accepted.
Users can check their balance in real-time, locate merchants and ATMs, and make wallet-to-wallet transactions.
In order to make a payment users need to activate the wallet, a measure intended to reduce the risk of unauthorised payments.
The service will soon be compatible with Android phones, and is set to be rolled-out across other European countries in the coming months.