The app is powered by MasterCard PayPass technology and linked to a reloadable MasterCard prepaid card in order to enable iPhone users to make purchases with their phone at merchants who accept MasterCard PayPass.
The moneto iPhone wallet app uses an NFC-enabled microSD chip embedded in an iPhone case. Users can launch the moneto app to view their account balance, check transaction history and make in-store purchases with a tap of their iPhone at any PayPass-enabled contactless payments reader at the point of sale. Users can fund their moneto prepaid accounts through direct deposit, ACH transfer or cash/credit/debit card-enabled third-party money transfer services such as MoneyGram, Western Union, PayPal or GreenDot.
moneto also comes with a prepaid MasterCard to allow users to access cash at ATMs and make online purchases, pay bills or shop at merchants who do not accept contactless payments. Furthermore, moneto enables card-to-card and wire-fund transfers from an internet portal. The app uses In2Pay technology which allows users to prevent unauthorized access to their account by using a PIN that is stored in a chip inside the microSD.
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