This article from Internet Retailer gives a great overview of mobile commerce and purchasing via SMS:
E-commerce without the Internet: That may have sounded like an absurdity to many retailers in 2007, but in 2008 it became a reality—one giant leap for m-commerce.
Amazon.com Inc. was the Neil Armstrong of text message retailing when last spring it introduced TextBuyIt. QVC Inc. followed in the fall with QVC Text Ordering. The key: Purchasing merchandise through text messaging does not require a mobile web site or even mobile Internet access because text messages flow through wireless voice connections.
So, for example, a consumer is relaxing on her couch watching a QVC program. The hosts are showcasing a product she decides is for her. She already has an account with default payment and shipping information and has registered her mobile number with the retailer. She texts ONAIR to QVC’s short code—an abbreviated phone number used in text messaging. Within seconds she receives a reply text message asking her to confirm her order, which she does with a second text message. QVC sends a final text message confirming her order and informing her of an estimated delivery date. That’s it.
Read more at the link above.

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