Starbucks Coffee, with its mobile payment platform, and Square, a payments company, have partnered to bring what it described as a new payment experience to both sides of the Starbucks counter.
The partnership includes:
- Customers will be able to use Pay with Square, Square’s payer application, from participating company-operated US Starbucks stores later this autumn, and find nearby Starbucks locations within Square Directory.
- Square will process Starbucks US credit and debit card transactions, which will significantly expand Square’s scale and accelerate the benefits to businesses on the Square platform, particularly small businesses, while reducing Starbucks payment processing costs.
- Using Square Directory, Starbucks customers will be able to discover local Square businesses – from specialty retailers to crafts businesses – from within a variety of Starbucks digital platforms, including the Starbucks Digital Network and eventually the Starbucks mobile payment application.
- Starbucks will invest US$25m in Square.
- Starbucks chairman, president and chief executive officer (CEO) Howard Schultz will join Square’s board of directors.
“As the largest retail mobile payment platform in the US, we’re excited and proud to accept payments with Square,” said Schultz. “The evolving social and digital media platforms and highly innovative and relevant payment capabilities are causing seismic changes in consumer behaviour and creating equally disruptive opportunities for business. Both Starbucks and Square take a similar approach when building products and running our businesses, and together we can bring the best possible payment experience to Starbucks customers.”
On day one of Sibos 2017, Stefan Dab, The Boston Consulting Group led a conversation examining the future of correspondent banking, and specifically the pain points corporate treasurers face in their cross-border payments operations and where technology can be developed to alleviate these.
The US dollar and debt yields falling on the North Korea missile test, treasury being a top target for cyber criminals and why treasurers aren't into real-time payments all hit the latest headlines in the world of treasury this week. Don't miss our ten top news stories from around the world.
HSBC arguing that mid-market businesses are missing out on huge exporting opportunities, 3D printing being predicted to cut global trade by 23% in 2060 and the blockchain community launching a voluntary transparency project all hit the latest headlines in the world of treasury this week.
Direct carrier billing is currently a competitive payments industry in Europe, but will it flourish under PSD2? EE and Microsoft think so.