NFC mobile payments come to the iPhone in the UK thanks to moneto.
Moneto has developed this technology and has collaborated with MasterCard and its PayPass service to allow anyone with an iPhone - and soon compatible Android devices too - to either store or transfer funds all around the world.
Users can pay for items up to £20 in value wherever the MasterCard PayPass sign is displayed.
The prepaid wallet involves a NFC (near field communication) wireless technology that allows data transfer, such as numbers or text between another NFC enabled device.
By enabling the NFC device into iPhones, moneto allows a mobile to be transformed into a virtual wallet with all your financial data and history available at your fingertips in real time, which can be monitored or altered by the moneto app.
The NFC-enabled microSD obtains all the payment credential for your personal account. The iPhone does not have contactless payment technology and so the chip is embedded in a patented, protective iPhone case which a user will receive if signed up to moneto.
The US was first to provide iPhones as well as Android devices with moneto's new tech. The launch was announced on 12 January 2012, however was only made available in the UK today.
Moneto believes that "people should use the phone that they own in order to make payment, as well as managing it" and plans on expanding the service across Europe.
Follow @PCAdvisor on Twitter.