Following 12 months of development, ANZ has just made available Australia's first "pay by mobile" application. This has been developed for use with Apple's iPhone and allows its customers to send money to any Australian bank account only using their mobile phone number as an identifier.

The application, dubbed goMoney only asks for the mobile phone number of the payer followed by the amount you wish to transfer. Payment is enabled automatically for existing GoMoney customers that have registered for the service, while new recipients who aren't customers of ANZ receive a text message with a website to visit to finalise the payment into an account of their choice.

It should be noted that while this service is free with no fees involved, it excludes BPAY payment options and also will not work on jailbroken iPhones.