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.
BT wants to make the public switched telephone network history within eight years
Personal data being purloined by third parties via Facebook Login API
MacOS and iOS are better off apart, says CEO Tim Cook
Or they'll no longer be entitled to updates and bug patches