Sales of smartphones featuring modern Near Field Communication (NFC) technology could rocket over the decade, as contactless payments become more popular.
Chief executive of the Payments Council Adrian Kamellard said: "Recent innovations such as payment via a mobile phone, which ten years ago some felt to be science fiction, will soon be commonplace."
Many premium devices on the market today sport NFC, but users are often unaware of its applications.
The technology allows for wireless communication and data transference between compatible gadgets.
It can therefore send information concerning saved bank details to in-store terminals so that a contactless transaction can be completed.
It might not be long before this payment option becomes so popular that people no longer need to carry around cash or debit cards.
Samsung Galaxy S3 owners can also use NFC in conjunction with S Beam software to send files like photographs and videos to other users.
Posted by Simon Thomas