Financial transactions conducted using mobile phones are expected to generate more than £296bn by 2011, according to a report by Juniper Research.
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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."