Apple Thoughts: MoBank UK Unveils New Application

"iPhone and iPod touch owners in the U.K. will be able to use their devices to buy and pay for goods using a new application from MoBank. The company has done a soft launch, but will start to push the application more aggressively on Monday, according to CEO Steve Townend."

Apparently, according to one reader of the article, "there is also a £1 per month on top of your mobile phone bill if you want to look up your account balance, and £0.50 every time you want to pay for something." They are pushing the convenience of this application but all I see are limitations. I think I'd rather buy what I want from who I want instead of buying from a specific set of companies. I'm not seeing the benefit to this application. I was excited when I first heard about this but the more I read about it, the less inclined I am to be interested. It reminds me of a home shopping type club that overcharges it's members. Anyone in the UK using this? If so, what do you think?