UK mobile banking company Monitise and its US partner Metavante Technologies reveal they are working with Carphone Warehouse to launch a 'mobile money' scheme. The service will include a Carphone Warehouse prepay card, managed directly from the mobile phone that can be used to shop in millions of outlets worldwide.

Monitise says the service will include full mobile management, similar to that used by customers of many of the UK's major banks to manage their money on the move. Using an application stored on the mobile handset, customers will be able to top-up their card directly from their bank account, while via their mobile phone, users will be allowed to check the balance, view recent transactions and move money onto and off the card. The card enables consumers to shop online or by phone.

Monitise said last year that it was working with card payment network Visa to develop a mobile prepaid account service for the European market. The service will enable customers to create Visa prepaid accounts on their mobile phones that can be loaded with funds from a bank account or a credit or debit card. Montise said in February that the first prepaid product to be launched in cooperation with Visa is expected to launch in the second half of the year.