MasterCard launches Moneto iPhone NFC payment service in UK

MasterCard has launched its Moneto near-field communication iPhone payment app in the UK, with a wider European roll out promised later this year.

Moneto was unveiled at the 2012 MasterCard Europe Prepaid Conference and was created in partnership with DeviceFidelity and Vincento Payment Solutions.

Tap and go payments are made using the Moneto app's prepaid mobile wallet. The wallet can be partnered with a user's bank account or payment card and lets them pay for items by waving their iPhone over a compatible payment terminal.

Moneto was originally released in the US and it was unclear whether it would reach Europe, but DeviceFidelity vice president Philippe Martineau said the success of this launch had spurred the firm on.

"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," he said.

"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."

The service works using a MasterCard's PayPass technology to enable tap and go payments on the iPhone.

The service is one of many contactless payment services to reach the UK this year. Earlier in August and September competitor Visa tested its Paywave NFC  service in the Olympic Games during the London 2012 games.

The launch of yet another mobile payment tool also underlines comments by eBay chief executive John Donahoe that firms must prepare for the mobile commerce era.