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The report, "Mobile Financial Services: Banking & payment markets 2007-2011," by Juniper Research, claims this trend will result in 612 million mobile phone users generating around £295 billion worth of financial transactions between 2007 and 2011.

The report distinguishes two types of mobile financial transactions: mobile banking and mobile payments.

The latter is predicted to generate almost £11 billion in transactions by 2011 and be adopted by 204 million mobile phone users, with uses including sending money back home and paying fares on public transport.

"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," says Alan Goode, Juniper analyst.