Nokia mobile phones and Android-powered devices are set to lead the way in developing mobile phone payment initiatives.
This is the view of market research firm iSuppli, which believes the concept of using handsets to pay for expenses such as bus fares could gather momentum in 2011.
Both Nokia and Google have embraced near field communication (NFC) technology, which is used to provide secure links between devices.
Many experts have predicted NFC to become more common in mobile phones over the next few years, allowing more people to have access to advanced payment options.
Bosses at iSuppli have suggested that the number of smartphone sales encompassing the technology is set to reach 220.1 million in 2014.
This would mean 13 per cent of all mobile phone handsets distributed would have NFC capabilities, compared with just 4.1 per cent in 2010.
The possibility of such advancement is an exciting prospect for iSuppli's director and principal analyst for communications and consumer electronics Jagdish Rebello.
"Imagine paying your bus fare, buying a plane ticket or making an ATM/credit card purchase simply by holding your cell phone near a wireless terminal," he remarked.
Three prominent network operators in the US have also thrown their support behind NFC devices.
Verizon Wireless, AT&T Wireless and T-Mobile have joined forces to create a project known as ISIS, which aims to expand the concept of mobile payment.
Despite predictions that the system will start to take shape in 2011, Mr Rebello pinpointed 2012 as a "make-or-break year" for the concept.
"It is imperative that business models be established that allow each of the nodes to see value in offering the service," he added.
Nokia, which is expected to be one of the pioneering manufacturers for NFC, has recently filed a number of lawsuits against Apple.
The Finnish company has made complaints to courts in the UK, Holland and Germany insisting that some of Apple's iPhone handsets sold in the three countries are in breach of patents held by Nokia.