Mobile paying speeds ahead

TECHNOLOGY analysts Gartner have predicted that mobile payments will rise 44 per cent in 2013, as both consumers and retailers warm to smartphone transactions.

Gartner said that the value of mobile transactions worldwide will hit $235.4bn (£154bn) this year, with 245m people taking advantage of the technology.

However, mobile payments in bricks and mortar stores, which use near-field communication (NFC) technology similar to that found on the Oyster card, only accounts for two per cent of payments. Gartner described the uptake of NFC as “disappointing”, with spending mainly driven by online shopping.