First NFC enabled iPhone prepaid mobile wallet launches in Europe

moneto

UK prepaid market is fastest growing

 Kalixa Group, DeviceFidelity and MasterCard have announced the UK launch of the moneto prepaid wallet. The wallet enables 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.

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 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

“The UK is one of the fastest growing prepaid markets in the world and is a leader in terms of NFC and contactless acceptance at the point of sale. By enabling iPhone users to make smart, simple and secure NFC transactions we are taking an enormous step towards making mobile money an everyday reality for consumers,” said Ed Chandler, CEO of Kalixa Group. “moneto is an example of how Kalixa is working with leading industry players like MasterCard and DeviceFidelity to make people’s lives better through innovative payment services.”

“Momentum behind NFC technology continues to gather pace around the world, and moneto is a breakthrough service for the European market, ” said Marion King, UK & I President at MasterCard . “Soon consumers across Europe will be able to use the moneto wallet to make NFC payments with an iPhone. The service is an important part of our strategy to develop the next generation of payments for a world beyond cash.”

moneto is powered by the issuing, processing and acquiring technology that is behind Kalixa’s flagship prepaid MasterCard, Kalixa Pay. The wallet also uses a combination of the MasterCard® PayPass™ technology and DeviceFidelity’s iCaisse technology to enable tap & go™ payments on the iPhone. Android and iPhone 5 compatibility, as well as service roll-outs to other European markets, will be announced soon.

 

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