UK Launch For iPhone NFC Wallet Moneto

MasterCard PayPass-powered mobile wallet will be launched before the end of the year

DeviceFidelity and Vincento have announced the UK launch of iPhone Prepaid wallet service Moneto ahead of a full European launch later this year.

The Near Field Communication (NFC)-enabled service launched in the US earlier this year and is powered by MasterCard’s PayPass system. The iPhone 5, which is almost certain to be announced later today, is widely expected to support Near Field Communication technology straight from the box.

Customers can link their bank account or a credit card to a Moneto account that can be used to make contactless payments at nearly 500,000 locations in 41 countries. They will also have access to features such as real time balance updates, merchant locator, security with an Android service promised further down the line.

Moneto UK Launch

“After the successful US launch of the Moneto mobile wallet earlier this year, DeviceFidelity has partnered with Vincento and MasterCard to bring this innovative popular payment solution to the UK” said Philippe Martineau, vice presidentof business development for DeviceFidelity Europe. “The UK is one of the fastest growing prepaid and contactless payments markets, and ranks among the top markets for NFC and contactless POS enablement.”

Moneto uses DeviceFidelity’s iCaisse4x case to facilitate payments and is powered by the technology used in Vincento’s Kalixa prepaid MasterCard. The partners claim that unlike other prepaid wallets, it is not carrier dependent as it operates on a direct to consumer basis.

Users will also be given a prepaid MasterCard so that they can access funds stored in their account from cash machines, make online purchases and make purchases at retailers that do not accept contactless payments.

“Today’s launch is another milestone in the MasterCard strategy to partner with innovators across the industry to deliver simple payments using smart technology, no matter where and on what device consumers choose to shop,” said Matt Lanford, head of prepaid at MasterCard Europe. “I am very pleased that MasterCard is the partner of choice of players developing the next generation of payments for a world beyond cash.”

Last week, the European Commission unconditionally approved Project Oscar, the mobile wallet joint-venture between Vodafone, Telefonica UK and Everything Everywhere after it was convinced it was not anti-competitive.

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