Financial transactions conducted using mobile phones are
expected to generate more than £296bn by 2011, according to a
report byJuniper
Research.
The research found that
mobile financial services are being deployed as rapidly as
internet banking services were in the1990s to enable mobile
phone users to bank and make payments on the move.
Mobile payments alone are predicted to generate almost £11bn of
transactions by 2011 and are expected to be adopted by 204 million
mobile phone users.
The report said the mobile phone had enormous potential when
used as a tool for financial services and was likely to
revolutionise the financial sector in a similar way to the
automatic telling machine.
Alan Goode, the author of the report, said, "A combination of
increased user demand and a desire from all sections of the mobile
financial services ecosystem to deliver intelligent applications
and services has created an atmosphere that is both creative and
pragmatic."