The new service, which uses Device Fidelity's NFC technology, can now be accessed by all owners of either the iPhone 4S, or its slightly older model the iPhone 4. Apple are currently developing the technology for iPhone 5 users, promising them they won’t have long to wait.

Following a successful launch in the US last year, Moneto has also once again joined forces with MoneyGram to integrate money transfer capabilities to the service. This will be an additional feature to the already included payment facilities available with the wallet.

Philippe Martineau, DeviceFidelity's VP of business development for Europe, said: "We are excited to deliver the first ever NFC mobile payment service to iPhone users in the UK.

"Moneto is a truly versatile solution that brings ground-breaking innovation to payments by incorporating plug and play NFC functionality with MasterCard PayPass technology for the ultimate integration of mobile money."