I have to agree. I think he's using the wrong numerator. General purpose payment cards represent close to 70% of retail point-of-sale dollar volume, and in-store mobile payments represent only 0.01% of retail purchase volume (with the Starbucks' offering being the lion share of that). Until there is a a compelling reason (beyond cool technology) to use a mobile wallet, adoption will remain slow. I'm sure Apple is working on the latter issue...