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First NFC enabled iPhone prepaid mobile wallet launches in Europe

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Harmeet
New Update

LONDON, UK: Kalixa Group, DeviceFidelity and MasterCard announced the UK launch of the moneto prepaid wallet. The wallet enables near field communications (NFC) functionality on an iPhone, allowing users to tap and pay for goods at thousands of MasterCard retail outlets across the country. The service will soon be compatible with Android mobile phones, and is set to be rolled-out across other European countries in the coming months.

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moneto integrates NFC technology into a consumer's mobile phone using the DeviceFidelity patented microSD NFC technology and combines it with an application to offer the convenience, control and flexibility of prepaid in a secure and mobile environment. Users can access account information on the move, check their balance in real-time, locate merchants and ATM's and, unique to moneto, make wallet-to-wallet transactions.

The wallet offers the following benefits to users:

Control - the wallet is prepaid so users have total control over how much money they load and spend with the ability to manage their account on the move using the mobile application.



Convenience
- the wallet is accepted wherever the user sees a MasterCard PayPass logo or the contactless acceptance symbol around the world. Users can switch back to chip and PIN transactions if they wish to make contactless payments above the GBP £20 threshold through the Chip and PIN prepaid companion card.



Flexibility
- the wallet works irrespective of the user's mobile operator. The companion EMV prepaid MasterCard® allows users to withdraw cash at ATMs, make online purchases and shop at retail outlets that do not accept contactless payments.



Security
- in addition to the high levels of security afforded by NFC, the user needs to activate the wallet to make a payment, reducing the risk of unauthorised payments in the event the device is lost or stolen. Furthermore, the wallet isn't directly connected to the user's bank account, which means there is no danger of someone getting access to a consumer's funds.

Speed - NFC technology enables faster transactions and helps to facilitate a world beyond cash, making payments easier.

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