LookTel Products unveiled Looktel Money Reader, a new app for the iPhone that instantly recognizes U.S. currency and speaks the denomination, enabling people with visual impairments or blindness to quickly and easily identify and count bills.

Users of the new app can simply point the iPhone's camera at any U.S. bill and the application will identify the denomination in real-time. The app supports $1, $2, $5, $10, $20, $50 and $100 bills.

The app employs Looktel's object recognition technology. According to the company, users don't need to hold the iPhone still or capture a photo and wait for a result. Recognition happens continuously and in real-time. Additionally, the app does not require any Internet connection.

Looktel says it is working to develop a suite of new functionality for the app, including general object recognition, landmark recognition, people recognition and a text reader.

Money Reader is available for $1.99 at the iTunes App Store.