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Square has officially begun processing credit card payments at more than 7,000 Starbucks (NASDAQ:SBUX) locations.
Starbucks has made headlines recently with its locally-inspired, LEED-certified coffee retail modules. Mobile payments are just another step toward the company’s goal of revolutionizing the way Americans do caffeine. “We think we can redefine a Starbucks customers’ experience,” said Square CEO Jack Dorsey to USA Today.
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The company is just one of several that are competing in the space. EBay (NASDAQ:EBAY) was recently upgraded by analysts at Nomura Securities – from “Neutral” to “Buy” and an elevated price target of $60 – based on “rising PayPal earnings power.” Mobile payment processing is a favorite to replace credit card transactions, and Square is among the companies set to go beyond plastic beginning next month at Starbucks.
“There are seismic changes to (consumer) behavior because of technology,” said CEO Howard Schultz. Starbucks is poised to offer a fundamentally different experience than morning-fix competitors Dunkin Donuts (NASDAQ:DNKN) and McDonald’s (NYSE:MCD), especially with incoming breakfast options. Starbucks is now the largest retailer offering mobile payment processing, with over 1 million transactions per week.
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