This paper presents a study of the characteristics of viable business models in the field of Mobile Commerce (m-commerce). Mobility has given new dimensions to the way commerce works. All over the world various stakeholder organisations are consistently probing into the areas where m-commerce can be exploited and can generate revenue or value for them, even though some of those implementations are making the business environment more complex and uncertain. This paper proposes a viable business model evaluation framework, based on the VISOR model, which helps in determining the sustainability capabilities of a business model. Four individual cases were conducted with diverse organisations in the Information Technology sector. The four cases discussed dealt with mobile business models and the primary data was collected via semi structured interviews, supplemented by an extensive range of secondary data. A cross-case comparative data analysis was used to review the patterns of different viable business components across the four cases and, finally, the findings and conclusions of the study are presented.