Starbucks Mobile Payment Revolution
By John Dodge for Enterprise CIO Forum
Is the long-talked about digital wallet about to finally happen? If Starbucks has its way, it is.
For CIOs at retailing and consumer products companies, take note. Mobile payment systems are the future moving quickly to the present.
Starbucks is partnering with software company Square to turn smartphones into wallets. In fact, one explanation of how it will work has it that you walk into Starbucks and it knows you’re there. When you pick up your latte and lemon square, all you have to do is say your name to the barista.
That’s a bit in the future for Starbucks so a smart phone 2-D scan will still be required for now. But you can do the simple name drop now with Square’s “pay with Square” where it’s accepted. The app that links to your credit card. Word is retailer deployment of the app requires minimal changes to existing infrastructure. What’s more, Square offers inexpensive access to credit card processing so that millions of small businesses scared off from credit cards by high expense could now accept them (2.75% of each transaction and no other fees…).
Excerpt appears with permission from John Dodge.