Founded by two ex-First Direct and Egg executives, MoBank requires users to register a payment card after which time they will receive a unique PIN. This number can then be used on their phones to access the MoBank application and carry out a transaction.
"These days, people – especially the under 30s – expect to be able to run their lives on the move," said MoBank founder Steve Townend.
"A mobile phone is the one device most people couldn’t do without. Now you can run your banking, shopping and money management from it too. It’s about taking control of when, where and how you want to do things.”
The service is based on the txttrans secure payments system, and no banking or card details are stored on the phone itself, boosting the security of transactions, said the firm.
When it launches on 6 July, users will be able to use the app to buy items such as cinema tickets, books, flights, flowers and gifts, and check the balance of their pre-registered card.
New features for the future include services to help users pay bills, make person-to-person transactions and transfer money between accounts. The app will be available initially for the iPhone via Apple's AppStore, and within the next 12 months for BlackBerry devices and the G1.
Alterations in capillary blood flow can be caused by body position change
Curiosity rover is in 'normal mode' but not transmitting scientific data back to base
NatWest outage comes a day after Barclays' IT systems shut out customers and staff
The ICO is concerned with AggregateIQ's retention and processing of data used in the Brexit referendum