The power to turn any smartphone into an NFC enabled phone is the promise of Kalixa Group’s prepaid mobile wallet, moneto, now available for users in the U.K.
Moneto will allow users in the U.K. to “tap and pay” (or “tap and go”) when paying for purchases using their smartphones. MicroSD technology, courtesy of DeviceFidelity, provides the phone with its NFC functionality, allowing shopping by mobile wallet at retail stores throughout the United Kingdom wherever the MasterCard PayPass logo is displayed.
Other features of the mobile wallet include:
- Remote account access including real-time balance check
- Merchant and ATM finder
- Wallet-to-wallet transaction ability
Users of the mobile app also get an EMV prepaid MasterCard that will allow them to make cash withdrawals from ATMs, shop online, and pay for items where NFC is not an available option at the point of sale. ATM cash withdrawals will cost Kalixa prepaid card users £1.75 each, plus 1.95% of the value of the transfer (minimum of £10).
In addition to providing for NFC-based transactions, the microSD chip potentially adds a layer of security for the mobile wallet user. As noted in Banking Technology’s coverage of the launch, a stolen phone with a separate NFC chip means that the customer is less likely to have their account details stolen, as well.
The mobile wallet is currently available on iOS for iPhone 4 and 4S. Kalixa Group plans to add Android and iPhone 5 compatible versions later this year.
Kalixa Group demoed its mobile point-of-sale (mpos) technology at FinovateEurope 2013 in London. To see their presentation, click here. DeviceFidelity showed its In2Pay microSD chip enabling contactless transactions with the moneto wallet as part of the FinovateSpring 2012 show in San Francisco. See DeviceFidelity in action here.