MoBank works with users’ existing bank account to let them buy and pay for stuff using their mobile phone, wherever and whenever they want.
Users simply download the MoBank application, register your debit or credit card, get a secure MoBank PIN, and start to MoBank. Users can find a complete list of what you can buy on MoBank at the bank website; more brands and features will be added over the coming months.
Users can also check the balance on their registered debit, and soon, will be able to manage money, pay bills, and transfer money between accounts with MoBank. It will also have features such as a birthday and special date reminder alert, and a budget tracker to help users keep on top of your spending. More information on new services will follow later in 2009.
MoBank is currently available on iPhone and is fully compliant with iPhone OS 3.0. Within the next 12 months it will be available on RIM, (Blackberry) and Android (G1) phones.
MoBank works by connecting the user via the internet on the phone to a transactional payment system. All users have to do is register a debit or credit card, and they will receive their own secure PIN number to access the MoBank service, so they do not have to enter card details every time they make a transaction.
It offers bank-grade security and is completely secure: account numbers, card details and PINs are not stored on the phone itself, and nor is any banking data. MoBank uses the same retail systems as any other credit card payment.
MoBank offers consumers two payment options: Pay as you go. With this option, it is free to view your bank balance for one month. After that, you’ll be charged £1 per month for each month you actively use the balance look up service (there’s no limit to how many times you can look up your balance).
Also, browsing retailer websites, searching train times or looking up movie listings is free but for retail purchases, there is a charge of 50p per transaction. For customer convenience, a £2.50 charge will be applied every fifth transaction, or at the end of three months when between one and five transactions have been made, rather than every time.
There is also a lifetime option available at launch, for a limited time only. If users think they will use MoBank regularly, there is a lifetime option for a one-off charge of £15. This option gives you unlimited balance look ups, and means the users does not have to pay per transaction on retail purchases.