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Online payment system debuts for Apple iPhone 3GS

Buy goods online using virtual wallet on iPhone

Apple iPhone 3G S

The new iPhone 3G S features a compass, a 3Mp camera, video recording and voice control.

Apple iPhone owners will soon be able to pay for goods and services such as cinema tickets, clothes, music, books, flowers, gifts and tickets using their iPhone and a new banking service called MoBank.

MoBank is the brainchild of two ex-bankers from First Direct and Egg and will work with your existing banking bank account and allow you to buy items with your phone. The service will be supplied by NTT Europe Online.

Dominic Keen of MoBank said: ‘MoBank has been designed to make people’s lives easier and save them time by providing banking services on the move.’

iPhone 3GS banking

To sign up to the service users can simply visit the iPhone AppStore and download the MoBank application from there or register on MoBank’s website. You’ll need to nominate a card such as a Switch debit or Visa credit card and will receive a MoBank PIN.

Once set up with a PIN you can check your balance or shop online. You can use MoBank to buy from Thorntons, Interflora and Waterstones among others the key difference being that when you reach the checkout rather than enter your 16-digit card number instead you’ll enter MoBank’s four-digit PIN.

iPhone 3GS security

MoBank is keen to stress that its service, which is compliant with the Payment Card Industry Data Security Standard and meets the ISO27001 Information Security Standard is secure.

However, security experts fear that as in many cases it will be consumers who are the weakest link.

Graham Cluley, senior technology consultant for Sophos said: ‘The PCI standard is a standard that any business dealing with credit cards has to comply with [but] the biggest threat is that people lose their mobile phones all the time or they are stolen. How is MoBank securing and preventing people accessing the service on the iPhone?’

Melanie Hunter, head of marketing and communications at MoBank, is confident their security holds up. She told us that while the four-digit PIN stays the same, the order that you enter it onscreen changes every time you use the service so ‘even if someone’s looking over your shoulder they won’t know your PIN’, she said.

MoBank will initially be available on the iPhone on 6 July, with plans to roll it out to Java, Google and Blackberry phones later in the year.

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