Industry sources claim that owing to rapid technology upgradation and the increase in the number of smartphone users, British consumers are likely to spend as much as $30.5 billion by 2021 on purchases through their mobile handsets. As per reports, the mobile purchases currently account for $1.8 billion, with almost $417 million comprising of mobile sales from the food and groceries category.
Sources claim that mobile commerce is expected to grow by 55 percent over the next five years. Innovations such as Near Field Communications (NFC) and faster mobile data transmission play an important role in the success of mobile commerce, by offering users a more secure and convenient way to pay for goods and services. In order to better provide mobile payment services to their customers, network operators O2, Everything Everywhere and Vodafone joined forces to offer users a single system of paying for goods and services via mobile phones.