Mobile payment has become a global phenomenon, with a total value of 285 billion USD in 2014 and representing 7% of global electronic transactions. However, growth rates were mainly driven by emerging markets, where mobile payment addresses the need for easily accessible, secure money transfer and storage. In developed economies, mobile payment is lagging behind expectations, with even cashless societies still in a nascent stage. Starbucks is a well-known success story in developed markets, with its mobile payment app accounting for about 90% of US mobile payment transactions. Nonetheless, Arthur D. Little believes a turning point for mobile payment in developed markets is more likely than not.
