Mobile payment company Square has made a deal to process payments at Starbucks’ thousands of US locations beginning this fall. The coffee chain will also invest $25 million in Square. The deal is a big win for the two-year old company, which was started by Twitter co-founder Jack Dorsey. Square has grown in popularity with small and independent retailers over the last couple of years because its card reader allows them to cheaply and easily accept credit card payments using smartphones and iPads. But the partnership with Starbucks is a whole new ball game and might bring a huge amount of validation to Square and mobile payments in general. Little will change at first, but the two companies have big plans for the future. Besides just being able to pay with the Square app on your phone, Starbucks CEO Howard Schultz sees a future where a sensor can detect that you have the app and allow you to pay without ever taking out your phone.
Shelly Palmer Radio Report – August 9, 2012
Author: Shelly Palmer
Shelly Palmer is Fox 5 New York's On-air Tech Expert (WNYW-TV) and the host of Fox Television's monthly show Shelly Palmer Digital Living. He also hosts United Stations Radio Network's, Shelly Palmer Digital Living Daily, a daily syndicated radio report that features insightful commentary and a unique insiders take on the biggest stories in technology, media, and entertainment. He is Managing Director of Advanced Media Ventures Group, LLC an industry-leading advisory and business development firm and a member of the Executive Committee of the National Academy of Television Arts & Sciences (the organization that bestows the coveted Emmy® Awards).