Mobile app Payfriendz takes on Paypal and the rest -

A service is aiming to take on the big players in consumer friendly financial tech with a newly launched iOS and Android app, aiming to popularise payments over a P2P, instant messaging network.

Payfriendz allows users to send money over a peer to peer transaction system. What this means in practice is a PIN protected app that acts like a digital wallet, but allows you to "attach" sums of money to contacts through IM.

Services like Paypal have traditionally dominated this market, but Payfriendz seeks to differentiate itself by taking less of a cut, and with international transactions it takes just one percent while also converting currency with up to date, real time information.

NFC support will be added this year, and any money that finds its way into your account can be accessed through an on-screen virtual MasterCard that seems to work pretty much anywhere MasterCard does.

It may not change the world in an earth shattering way, but as part of the consumerification of just about everything, the app certainly could simplify - and make quicker - the act of transferring money.