Mobile ticketing and vouchers will fuel the growth of mobile payments (see below) according to the forecast, compiled by Forrester Research.The online payments company values the current market at £438m, equating to 1.5% of total online spend, although this will grow to 5.9%, according to PayPal.

The IT and fashion sectors will be two of the most valuable industry verticals 2016, worth £542m and £500m respectively, according to the study, which was based on public financial documents as well as executive and consumer research.

Cameron McLean, PayPal UK’s GM, merchant services PayPal, said, “The convenience of a connected device that can be used almost anywhere will lure increasing numbers of UK consumers into mobile buying… We expect to handle over $3.5bn [£2.8bn] in mobile payments globally in 2011.”

He also noted that over 1m PayPal UK customers have sent a payment on their mobile.

The report comes the same week as New Look ecommerce marketing manager Rav Dhaliwal told new media age the digital industry needs more third-party affiliates that can drive traffic to drive traffic to its m-commerce site (.    

The UK’s three-largest mobile operators are currently seeking regulatory approval to develop a joint venture company, aimed at offering m-commerce opportunities to brands, while Google is also offering a similar service of its own in the US with payments companies, such as VIsa and MasterCard.