The research, conducted with consumers and small and medium enterprises during July 2010, found that 'Immediate Mobile Payments' would be the most popular option for transferring money to friends or family (53%) and when paying urgent bills (44%). Consumers would also be willing to pay 5p per transaction to use the service.

Small and medium-sized businesses were also in favour of such a system, says VocaLink, with sole traders in particular prepared to pay a premium for certainy of payment.

Kris Kubiena, director of consulting services at VocaLink says: "In today's modern world, both consumers and small businesses need to be able to move money instantly and easily. As mobile phone usage continues to grow, Immediate Payments has the potential to become ubiquitous."