"Mobile payment has very different user cases and impact on developing markets to that of developed markets," Shen said. "In developing markets, together with mobile banking, it allows people to use financial services in a more-efficient way -- and sometimes the only way -- at more-affordable costs, and can greatly improve standards of living. In developed markets, mobile is more of an extension of the existing payment infrastructure that allows people to deal with their financial needs on the go and in a timely fashion."

The disparity, she explained, leads to the presence of different products in different markets. For instance, many services in the US rely on a full browser and credit card, but this won't work in developing markets, as many people don't even have a bank account or bank card.