Andrew Kunesh, August 8, 2012
Square, a popular mobile payment app and card reader accessory for Android and iOS devices, was recently given the opportunity of a lifetime: A partnership with Starbucks, the most popular coffee chain in the world. They accepted and Starbucks will soon be processing all credit and debit card payments with Square readers and will also be accepting payments via “Pay with Square”. If you’re unaware, Pay with Square is a service run by Square which allows users to pay for products by opening a tab on their iOS or Android device by downloading the Square app. Once they’ve opened a tab, customers can pay at participating restaurants and shops by simply giving the person at checkout their name. This service also allows users to earn rewards at certain shops and restaurants; however, it is not yet confirmed whether Starbuck’s current rewards program will integrate with Square (we can only hope).
On top of this, Starbucks will be investing a whopping $25 million into Square. As of now, Square is rumored to already have received $200 million in investments and could be worth as much as $3.2 billion (Yes, “billion” with a “b”). Starbuck’s CEO, President and Chairman, Howard Schultz, will be joining Square’s board of directors as an advisor.Follow @macgasm