Not ready for a new way of paying for things? Better step up, because businesses are dipping their fingers in a brand new market: mobile payments. Take Starbucks for instance, which is now using Square Wallet in 7,000 locations. Soon, so will you.
We’d love to have our smartphones do everything for us. Some of us would happily let Siri run appointments, call for reservations, book tickets at a concert and so on. Mobile payments is not exactly a brand new concept, but with Starbucks introducing it in 7,000 location, “I left my wallet at home” is no longer a good excuse to have your friend pay for your coffee.
Square Wallet is a mobile payment app available both for Android and iPhone. The app connects to your bank account, giving you one less reason to carry cash in your pockets. There’s a transaction history you can browse through, so at the end of the month you’ll find out how much you’re paying Starbucks for your coffee.
“Starbucks believes in the values and vision of Square” Adam Brotman, Starbucks Chief Digital Officer said. “…just three months after announcing our partnership with Square, we are thrilled to make the convenience of paying with the Square Wallet app available to our customers starting today”.
And there’s more. Starbucks is investing $25 million in the mobile payment app company and Howard Schultz is joining the board of directors at Square. Just to keep an eye on the massive investment Starbucks is making. Still, $25 million is not even close to the $4 billion valuation of Square tech media has been reporting.
It looks like Jack Dorsey, Twitter co-founder and the man behind Square, is finally cashing in just three years after the company’s launch. “Immensely proud of the teams at Square and Starbucks: 7,000 stores launched 3 months TO THE DAY after signing the deal”.
So, you don’t think you’re going to use Square Wallet?! Sure you won’t. Just like you’re not going to buy the new iPad or iPhone although it’s not that different from the last one. However, unlike Apple’s success, when it comes to Square paying with your Android or iPhone smartphone is actually a time-saver, both for you and the Starbucks staff saving on many hours a year wasted swiping cards for $1.40 purchases.