British consumers who want to conduct mobile transactions and P2P payments no longer have to wait for their bank to offer the functionality. A new disintermediator, dubbed MoBank and built by First Direct and Egg bankers Steve Townsend and Dominic Keen, now gives Apple iPhone users a broad range of mobile commerce functionality.
The British-based service leverages customers’ existing bank accounts to let users buy and pay for items and check balances online by using their mobile phone. Subscribers use a PIN to authorize payments from debit or credit cards. MoBank plans to soon allow users to also pay bills, execute P-to-P transactions, transfer money between accounts and receive alerts on important dates, budget tracking and spending.