Technological progress has enormous significance for the development process of a nation as well as an individual business organization. Mobile business technology is the proliferation of mobile telephones, wireless enabled personal digital assistance and other services that enable the user to make purchases and transactions anywhere, any time. This supports mobile business activities. In India, mobile business service covers banking industry, share markets, customer shopping, office automation, packaging, hotel & tourism, pharmaceutical industry, construction industry etc. This paper aims to elicit the opportunities and challenges for mobile business activities in business to customer, business to business and customer to customers in various business industries and sectors with special reference to India in the form of a review. The impact of mobile business on business activities and the driving forces to adopt m-business are identified. It also provides discussion on advantages of m-business over e-business to strengthen the mobile business framework in the country.