Global mobile payment transaction values for digital and physical goods will exceed £150bn a year within five years, says analyst Juniper Research.
In its latest research into the market, Juniper said payments made via mobile phone for digital goods (such as music, tickets and games) and physical goods (typically gifts and books) will exceed this figure annually by 2013.
Juniper said there was a significant and immediate opportunity for mobile payment services, systems, software and supporting services to underpin the processing of this value of payment transactions.
Juniper researcher Howard Wilcox said, "Merchants in North America and Western Europe are just starting to realise the potential of a mobile web presence as a fourth channel to market.
"Retailers should be evaluating the benefits of the mobile web, and be mindful of the success of regular e-commerce sites in generating sales. They need to move quickly to exploit the opportunity presented, and ensure that they maintain ease of use for their customers who are already familiar with web shopping from their PCs."