YesWallet has launched its Pouch contactless wallet service. The company is touting it as an under-the-bonnet technology solution for payment service providers, including banks and mobile operators, who are looking for an mWallet solution.

Users would be able to load credit and debit cards into the service, and it can also function as a gift card, loyalty card, and a virtual card. In this scenario, a user could preload a set amount of credit onto the virtual card and then transfer it to another user’s Pouch wallet. It’s the age-old scenario of one of the kids asking you to lend them £20 to go out for the evening, but with a modern twist.

Speaking at the launch of the solution, YesWallet director Chandra Patni told delegates: “Over the next five years, the digital wallet on your mobile will be synonymous with the mobile itself.”

Pouch, which is PC1-DSS Level 1-certifired, is already available as an app for Android and BlackBerry, with the iOS version awaiting final approval from Apple. An online version has been on trial for the past year.

In addition to Pouch, YesWallet has also unveiled Yesfstore, which enables companies and individuals to set up a Facebook store with no coding skills. The company says an individual could set up a Facebook store using Yesfstore in the time it would take to set up an eBay account. YesWallet will earn money through commission on goods sold through the store. The company says it has launched Yesfstore to encourage standard merchants to set up Facebook stores.