Starbucks is fast-becoming every bit as well known for its mobile payments prowess as its bold and savory coffee.
On Wednesday, a new forecast put forward by researchers at Berg Insight indicates that Starbucks is now leading the continent of North America in mobile wallet transactions.
All told, North American consumers are projected to spend $44 billion on in-store mobile wallet transactions in 2017, which will be a dramatic improvement over the $500 million they spent last year.
Hands down, Berg Insight finds, the resounding majority of mobile transactions are now facilitated by customers visiting the java giant Starbucks.
This corroborates a recent claim by Starbucks indicating that the company now processes four million mobile payment transactions every week (up from two million each week at the end of 2012).
“People do not have a problem with cash or payment cards today. Value-added services that enable new shopping experiences before, during and after payments will be what truly distinguish mobile wallets from the traditional payment instruments,” explains Berg Insight analyst Lars Kurkinen. “Gaining an early lead in the market can be crucial, as in the long term only a limited number of mobile wallet services will survive in each market due to network effects.”