The value of transactions carried out using mobile phones will reach $3.2 trillion by 2017, new research published today suggests.

Mobile banking transactions will account for the bulk of the money movements, according to the study by Juniper Research.

Mobile commerce transactions this year will be worth $1.5 billion.

However, despite the expected substantial growth between now and 2017, the proportion of market transactions accounted for by mobile ecommerce still remains small, with $4,400 trillion in financial transactions recorded in the US alone last year.

The report found that a number of key industries, including retail, airlines and financial institutions, consider the mobile payment platform to be of importance.

However, the authors found a number of stumbling blocks need to be overcome if mobile payments are to grow, including the upgrading of many websites to handle such transactions.