This week Starbucks announced it would be partnering with Square, a company that is making it a lot easier for businesses to process payments without all the traditional setup and processing fees. Starbucks chose both to invest in the company to help it grow while also implementing its technology to save on processing fees and provide better service.
In their news release, they say the partnership will “stimulate small business growth and enhance payment experience for millions of customers.”
Beginning this fall, customers at select US Starbucks locations will be able to download the app and use Pay with Square. What may be even more interesting is the following – which I assume will be only by opt-in – reported by Reuters:
“In the future, Starbucks said it plans to roll out certain cutting-edge Square products, including one that allows stores to use proximity sensors to pick up when a user carrying a smartphone loaded with Square’s app has walked in the door. Clerks could accept payments simply by taking that user’s name and charging their account.”
All I can is I look forward to a day when my phone is my wallet.
Starbucks news release: http://news.starbucks.com/article_display.cfm?article_id=687
Until next time,