We propose an innovative method for combining sparse optical flow tracking and descriptor matching algorithms. The proposed approach solves the following problems that are inherent to keypoint-based and optical flow based tracking algorithms: spatial jitter, extreme scale transformation, extreme perspective transformation, degradation in the number of tracking points, and drifting of tracking points. Our algorithm provides smooth object-position tracking under six degrees of freedom transformations with a small computational cost for providing a high-quality real-time AR experience on mobile platforms. We experimentally demonstrate that our approach outperforms the state-of-the-art tracking algorithms while offering faster computational time. A mobile augmented reality (AR) application, which is developed using our approach, delivers planar object tracking with 30 FPS on modern mobile phones for a camera resolution of 1280$\times$720. Finally, we compare the performance of our AR application with that of the Vuforia-based AR application on the same planar objects database. The test results show that our AR application delivers better AR experience than Vuforia in terms of smooth transition of object-pose between video frames.