The moneto pre-paid mobile wallet, which launched in the US earlier this year, uses a combination of the MasterCard PayPass technology and DeviceFidelity's iCaisse4X case to enable tap & go payments on the iPhone.

Later this year, UK iPhone users - regardless of their wireless provider - will be able to order the service directly from a moneto site and link their bank account or credit card to fund a pre-paid account.

An app will allow users to access to their account on their phone and for real-time balance updates, merchant locator, wallet security and full NFC functionality.

Moneto also comes with a companion EMV pre-paid MasterCard card to give users the ability to access their cash at ATMs, make online purchases, or shop at merchants that do not accept contactless payments.

The service will later be rolled out to Android users and other European countries.

Matt Lanford, head, pre-paid, MasterCard Europe, says: "Today's launch is another milestone in the MasterCard strategy to partner with innovators across the industry to deliver simple payments using smart technology, no matter where and on what device consumers choose to shop."