ePaynews reports that a new mobile banking service, MoBank, is set to launch on 6 July 2009, which uses txttrans’ innovative transaction fee services platform.

MoBank is a new mobile banking service that works with an existing bank account to let users buy and pay for items using a mobile phone.

It works by connecting users, via the Internet on a mobile phone, to a secure transactional payment system developed by txttrans. Users pre-register a debit or credit card, and receive a secure PIN to access the MoBank service from a mobile phone, so they don’t have to enter card details every time a transaction is made.

The txttrans system means that no banking data, card details or PIN are stored on the mobile phone itself, so the transaction is completely secure – even if the mobile phone is stolen. Payments are charged directly to a pre-registered payment card.