I don’t currently have a full account as I don’t have £100 spare to deposit. However I don’t believe this is an existing feature, and it would make me feel more secure online.
A lot of banks offer security where you have to put in your “3rd, 4th and 6th” letters of your password, this can be time-consuming as you have to sit there and work out what it is, or if you have a friend making a payment on your behalf you don’t want to be giving out letters of your password. How about a section on the application called “Mondo vCode” (Mondo Verification Code) which will change every 10 seconds and generate a new code. Each vCode which will consist of FIVE characters. EG: “HK48D” And when you purchase something online there will be a page with the mondo logo (Verification Page) and “Please enter your vCode now”. This allows for security and also means that someone can’t make a payment for you on your behalf if they don’t have access to your Mondo account.
If this doesn’t feel secure enough as some people may have phones stolen, perhaps an option to switch, and decide what verification you would like to use. Password, vCode, or any other verification there may be.
Perhaps another idea would be a button to confirm the payment, so after you enter your card information, it links your card to your account, you can go onto the application and press “Confirm Payment” or “Decline Payment” however I feel this is less secure.
Here is an image of a potential verification screen: http://i.imgur.com/ZF7Hm0n.png