Brits could soon be paying for items with their personal and business mobiles under a new European Union (EU) trade pact.
The GSM Association and the European Payments Council have signed an agreement aimed at speeding up the deployment of mobile payments within the EU.
Entitled the Pay-Buy-Mobile initiative, the scheme hopes to spur the use of personal and corporate mobiles to pay for a broad range of items.
The news comes as a report from Juniper Research suggests that the value of mobile payments could increase five-fold within the next five years.
It has not been confirmed which form of contactless payment technology could be rolled out for consumer and business mobile payments, with the Register observing that near field communication technology and universal integrated credit card are two potential options.
Charlie McGreevy, EU commissioner for internal market and services, commented: "Bringing more competition to the payment services market has been my aim and agreements such as this show the possibilities that new technologies and innovative approaches offer in this regard."
EU telecoms commissioner Viviane Reding applauded the initiative's potential to bring about "concrete benefits" for Europe's consumers as well as fostering healthy competition in the industry.
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