Kalixa Group, DeviceFidelity and MasterCard announced the U.K. launch of the NFC moneto prepaid wallet, according to a release.

The wallet enables NFC functionality on an iPhone, allowing users to tap and pay for goods at thousands of MasterCard retail outlets across the country.

The moneto solution integrates NFC technology into a consumer's mobile phone using DeviceFidelity's microSD NFC technology and combines it with an application to offer the convenience, control and flexibility of prepaid in a secure and mobile environment. Users can access account information on the move, check their balance in real-time, locate merchants and ATMs and, unique to moneto, make wallet-to-wallet transactions.

The wallet offers the following benefits to users:

• Control. The wallet is prepaid so users have total control over how much money they load and spend with the ability to manage their account on the move using the mobile application.
• Convenience. The wallet is accepted wherever the user sees a MasterCard PayPass logo or the contactless acceptance symbol around the world. Users can switch back to chip-and-PIN transactions if they wish to make contactless payments above the GBP £20 threshold through the chip-and-PIN prepaid companion card.
• Flexibility. The wallet works irrespective of the user's mobile operator. The companion EMV prepaid MasterCard allows users to withdraw cash at ATMs, make online purchases and shop at retail outlets that do not accept contactless payments.
• Security. In addition to the high levels of security afforded by NFC, the user needs to activate the wallet to make a payment, reducing the risk of unauthorized payments in the event the device is lost or stolen. Furthermore, the wallet isn't directly connected to the user's bank account, which means there is no danger of someone getting access to a consumer's funds, according to the announcement.
• Speed. NFC technology enables faster transactions and helps make payments easier.

"Momentum behind NFC technology continues to gather pace around the world, and moneto is a breakthrough service for the European market, " said Marion King, U.K. & I president at MasterCard. "Soon consumers across Europe will be able to use the moneto wallet to make NFC payments with an iPhone. The service is an important part of our strategy to develop the next generation of payments for a world beyond cash."

The issuing, processing and acquiring technology that is behind Kalixa's flagship prepaid MasterCard, Kalixa Pay, powers moneto. The wallet also uses a combination of the MasterCard PayPass technology and DeviceFidelity's iCaisse technology to enable tap-and-go payments on the iPhone. Android and iPhone 5 compatibility, as well as service rollouts to other European markets, will be announced soon.

Learn more about mobile wallets.