Mobile phone transactions expected to top £296bn by 2011


Mobile phone transactions expected to top £296bn by 2011

Warwick Ashford

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

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