Square Partners With Starbucks To Popularize The Concept Of Mobile Wallets - InformationWeek

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8/8/2012
03:03 PM
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Square Partners With Starbucks To Popularize The Concept Of Mobile Wallets

Square and Starbucks partner to turn your mobile phone into a mobile wallet. As part of the deal, Starbucks is investing $25 million in Square and its CEO Howard Schultz is on the board.

Today Square announced a huge partnership with Starbucks, a move that could bring the Silicon Valley darling startup into the big leagues. Square will make its way into 7,000 Starbucks stores and be used to process all of the coffee company's U.S. credit and debit card transactions. This would significantly increase Square's payment transactions per day.

Customers will be able to use Pay with Square, an app that lets you turn your iPhone or Android so you can pay for things with your name. In advance of reaching the point of sale, customers use the app to "open a tab" with the store. When they reach the salesperson they give their name and the store is paid through the customer's Square wallet. Starbucks will not be changing their store point of sale hardware.

As part of the deal, Starbucks will invest $25 million in Square -- which is part of Square's Series D round. Starbucks CEO Howard Schultz will also join the board of Square.

"More than 2 million individuals and businesses can already use Square. This partnership will accelerate our ability to provide them with the tools they need to grow their business and thrive in today’s economy," Square co-founder and CEO Jack Dorsey said in a statement.

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