Early Wednesday, news came directly from Square CEO Jack Dorsey that the popular and thriving mobile payments platform is coming to Starbucks this fall. The java giant is on board with Square and, within weeks, will begin processing credit and debit card transactions at all Starbucks stores in the United States.
As part of the package deal, Starbucks will invest $25 million in Square and also take an equity stake in the business.
According to other details emerging about the new partnership, customers will eventually be able to place their orders and charge purchases to their credit cards simply by stating their names.
"When Starbucks builds the Square Directory into their apps and in-store Digital Network, it gives Square new visibility, driving more customers to opt-in to Square," Dorsey said in an email this morning announcing the deal with Starbucks. "And with nearly 7,000 Starbucks stores soon accepting Square, these new payers will be able to find your business (including coffeehouses) and pay with their name, building community and creating value."
Industry sources who have already weighed in on the coupling believe that it's the clearest indication yet of the mobile payments revolution going mainstream. "It's a trailblazing deal for us," admits Ricardo Reyes, a spokesman for Square.
Source: Square
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