Mobile payment transactions are expected to catapult to nearly 4.5 billion in 2012 -- a 429 percent increase from an estimated 850 million in 2009, consulting firm Gartner Inc. predicted in a May 28 report by CardLine Global (subscription required).

Most of the 2012 transactions would occur with the same SMS text messaging technology that is used in 2009, Gartner said, but the company also predicted an upswing in Near Field Communication (NFC), which could make up 1.3 billion mobile payments in three years.