A Lithuanian bank has launched a mobile banking service that lets customers transfer funds and pay for money orders via smartphone. Danske Bank said it is the first bank to offer mobile payments services in the northern European nation. The transactions also require the user to enter a PIN.

About half of phones sold in Lithuania are smartphones, Darius Jasinskis, director of corporate development, Danske Bank, said in a news release, but the country has thus far seen few developments in mobile payments. Linking bank accounts to mobile numbers solves a major problem, he said, because customers now don't have to top up their accounts in advance.

Danske said the mobile wallet, provided by Mokipay, is well suited for people who need to pay for items jointly, share a dinner bill or quickly transfer money to children.

Learn more about mobile banking and money transfer/P2P.