Today the mobile payment service Square Inc. announced an impressive partnership with Starbucks. Beginning this fall, Square will begin processing all U.S. credit and debit card transactions in Starbucks stores. With the partnership, Starbucks is investing $25 million into Square to further develop its smartphone payment technology. To start with, Starbucks customers will make transactions by displaying a barcode on their smartphones at the register. But, eventually, GPS technology will recognize customers when they enter the store triggering their picture and name to appear on the merchant’s screen. Once the customer confirms his or her name matching the profile, the transaction will be miraculously complete…without the hassle of cash, cards or printed receipts. When the coffee behemoth (valued at $3.25 billion) fully adopts the GPS-enabled mobile payment technology, will it accelerate the popularity of businesses—both large and small—adopting the streamlined service? And, most intriguing of all, how will customer data be collected and utilized to offer targeted services to loyal customers and, dare we say, branded experiences based on the information gleaned?
Learn more about Square here: www.squareup.com
Source: The New York Times http://www.nytimes.com/2012/
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