Mobile payments will generate transactions worth around £11.6bn by 2011, says analyst Juniper Research.
Juniper said the mobile-payment ecosystem is, "evolving into one where co-operation between the major stakeholders is creating an atmosphere that is incubating intelligent ways in which the mobile phone can be used for payment".
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The company said, "resolving the business model and the revenue-share issues were a priority, but much of the technology is now available" to drive mobile payments.
Secure and easy-to-use applications backed by the large credit-card organisations and financial institutions are encouraging growth, said the analyst.
Juniper estimates there will be 204m mobile-payment users by 2011.