"Bank-grade security is at the heart of our growing mobile money business and we welcome this new patent being granted," said Monitise Group Chief Executive Alastair Lukies.

The UK patent relates to how Monitise can generate 'virtual card details' on the mobile phone to enable a consumer to shop in a secure and convenient way without them having to divulge data from their credit or debit cards such as personal account numbers, card expiry dates and security codes. The consumer chooses which account to use as the funding account for the virtual card.

The virtual card, in effect a prepaid digital voucher, can be created for a fixed amount or for a specified period of validity. The risk of fraud is further minimised because the consumer can shop without having to share their bank and credit card account information if they prefer not to.

"Our innovative technology allows consumers to shop in situations where they have credit and debit cards but don't want to use them or they don't have access to such cards," said Alastair Lukies.

He added: "Whether it is a consumer setting up a prepaid voucher for themselves, a family member or friend to shop, or a consumer without access to bank accounts, we help people shop when they want and how they want securely and simply."

"Having established award-winning and proven bank-grade technology, Monitise is committed to investing in its business and protecting its intellectual property as it develops new products and services for its clients and partners, both in the UK and in developed and emerging markets around the world."

Monitise UK provides services to banks covering more than 55% of the UK retail banking market and works to help banks and financial institutions to defend and extend their role at the centre of the mobile payments infrastructure.

Monitise has previously been granted patents in various worldwide territories, including the UK for its 'Mobile ATM' patent, whwhich relate to how the company provides secure banking services on mobile phones.