The launch of a mobile app from online financial management solutions provider eWise is touted to be the “biggest positive technological advancement since the introduction of the ATM.”

Hot-on-the-heels of the launch of eWise payo, payment innovation event Finovate Europe 2011 has provided the platform for the arrival of its mobile application.

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The eWise payo mobile app will enable consumers to initiate payments for goods, services, bills online or face-to-face, without having to provide personal financial information to any third parties.

It works on the same premise as its online counterpart and by utilising the eWise payo Online Banking ePayments (OBeP) technology and VocaLink’s Faster Payments platform, consumers can pay via their internet banking and choose any account with available funds.

“Current statistics indicate that 29 percent of UK adults own a smartphone, and 54 percent of smartphone users have used their device for a banking transaction,” said John France, managing director at eWise.

“Given the anticipated growth of these figures, we saw the need to launch a mobile application that would provide a consistent interface for the consumer.

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“Our mobile version creates an exciting customer experience, and will – I believe – be the biggest positive technological advancement to hit the UK retail banking arena since the introduction of the first ATM in 1967.”

France told EPI eWise is in the process of speaking with merchants and banks in a bid to get them involved in the network. The service was due for launch in 2012 but he claims the interested parties has requested the launch date to be brought forward, with expected deployment to occur in Q2 or Q3 this year.