A new mobile banking service and iPhone App has launched, called MoBank. It's the creation of former Egg and First Direct staffers, Steve Townsend and Dominic Keen. The company says that it works "wherever and whenever you want".

MoBank ties in with your bank account. You register your debit or credit card, get given a PIN, and then you can use it to pay for anything you like without having to remember your card details. You can also check balance or pay bills on your handset.

You can opt for a per-month charged Pay-as-you-go service, which has a 50p per transaction fee, charged at £2.50 every fifth transaction. If you're more confident about your use of it, there's also a lifetime option for a one off £15 payment, which has no transaction fees.

The app is currently available for the iPhone and can be found on the app store. The company promises that BlackBerry and Android versions are on the way within the next 12 months.