Mobile phones to be used for £295 billion of financial transactions by 2011

Mobile phone customers are expected to conduct over $587 billion (£295 billion) of financial transactions over the phone by 2011, according to a new report from Juniper Research. It says around 612 million customers worldwide will be using their phones to handle their money in 2011 with most using their phones for mobile banking, although 204 million users are expected to spend $22 billion in mobile payments.