Consortium members ABN Amro, ING, KPN, Rabobank, T-Mobile and Vodafone have signed a letter of intent to create a single uniform system for mobile transactions in the Netherlands. Research conducted by the group concludes that it is both "technically and commercially feasible" to create a national infrastructure for mobile payments at the check-out.

"To bring this about, the six companies plan to set up a joint venture," says the group in a statement. "By affiliating themselves to the system, all banks, mobile providers and other service providers will ultimately be able to provide their services by telephone."

Slated for introduction in 2012, the scheme will use NFC-based contactless technology and payment software located in a secure part of the SIM-card in the user's phone.

As well as the potential to make in-store cash payments, other applications such as admission tickets, coupons and customer cards will also be made available says the group.