The total value of payments made from mobile phones is expected to reach more than $300 billion (£150 billion) worldwide over the next five years, it has been reported.
A new study from Juniper Research has found that the gross transaction value of mobile payments is predicted to increase fivefold by 2013, according to finextra.com.
Howard Wilcox, an author of the report, commented: "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."
At the moment, the Far East, and in particular Japan, has the biggest market in this area although Western Europe and the Far East are expected to account for 60 per cent of these types of payments by 2013.
In related news, Barclays' internet banking customers will soon be able to get security software for free from the bank.
