The company has done a soft launch, but will start to push the application more aggressively on Monday, according to CEO Steve Townend.

MoBank customers will, for example, be able to book and pay for movie or concert tickets, order fast food or buy new shoes. Convenience is the big advantage: "You can do what you want, when you want," Townend said.

iPhone users need to download the application from the AppStore and register a credit or debit card to pay using a personal identification number, he said. iPod Touch users need a Wi-Fi connection for the application to work.

The app's store has been developed with the mobile phone in mind, rather than an Internet site being brought to the mobile phone without any modifications, according to Townend. So, to make it easier to navigate, users won't have a lot of choices, he said.

However, just like with regular e-commerce, most goods are delivered to the buyer's door, although tickets will have to be picked up at box offices.