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.”
Despite being behind the likes of Europe and China, the US payments industry is now rapidly advancing, said Anish Kapoor, CEO of AccessPay told GTNews in an exclusive interview.
Treasurers are more interested in cross-border payments and automation than real-time payments, as they are consistently asked to do more with less, argues Rick Burke, head of corporate payments at TD Bank in an exclusive interview.
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