Tag: starbucks mobile payments

Starbucks mobile payments application reaches new heights

Mobile payments prove beneficial for Starbucks

Mobile payments have managed to receive the full approval of Starbucks as the company’s customers continue to express their favor for the company’s services. Starbucks is a relative newcomer to the field of mobile commerce, having only truly embraced mobile payments in 2012. The company teamed with Square to launch its mobile payments initiative and has been seeing a great deal of success among consumers since then. Consumers claim that the company’s services offer a more convenient way to purchase products.

Application now processes more than 4 million transactions every week

Starbucks CEO Howard Schultz notes that the company’s mobile payments application now processes more than 4.5 million transactions per week. This is monumental growth from the few thousand transactions the application had been processing shortly after its launch. The application has humble beginnings, with its primary purpose having been to reduce the wait times consumers experiences in the company’s stores. Now, the application exists to promote mobile commerce among consumers.

Mobile Payments at StarbucksConsumers are growing more accommodating of mobile commerce

Commerce has been changing in the U.S. More consumers are becoming enthralled by the idea of mobile payments and are showing that they are eager to use their mobile devices to purchase and pay for products of all kinds. Starbucks has taken note of this change in consumer behavior and has been working to meet the changing needs and interests that consumers have in the mobile space.

US companies continue growing more involved in mobile commerce

Starbucks is one of several companies that have been growing more involved in the mobile payments field. Many U.S. consumers have responded well to the company’s mobile commerce initiative, which has encouraged the company to expand its efforts in the mobile commerce field to continue engaging consumers in a more dynamic fashion. Starbucks expects to continue seeing the number of transactions it processes through its mobile application grow steadily in the future.

Square reaches new heights with mobile payments

Mobile payments company shows promising growth

Mobile payments have been gaining speed around the world, appealing most to an emerging generation of consumers that have become tethered to smartphones and tablets. Square has focused on making mobile payments as universal as possible, forgoing the use of NFC technology that has formed much of the backbone of the mobile commerce space over the past few years. The company has seen major progress in its efforts to establish itself as a leading mobile payments platform and has managed to reach a new milestone in the payments it processes.

Square traffics $15 billion in annual payments

Square has announced that it now processes more than $15 billion in mobile payments annually, which roughly calculates to $41 million in payment volume every day. As mobile commerce has become more popular among consumers, Square has managed to establish itself as one of the favored mobile payments platforms among businesses interested in engaging these consumers. Square receives a 2.75% fee on all mobile transactions, much of which is portioned out to the vSquare Mobile Paymentsarious financial firms, such as Visa and MasterCard, which support the payment platform. Even in dolling out payments to these firms, Square manages to keep an estimated $413 million in annual revenue.

Square Stand could be a boon for many companies

The announcement comes on the heels of the launch of Square Stand, a point-of-sale system that is designed to be used with an iPad. The Square Stand can process mobile payments, but also acts as a traditional payment terminal, accepting payments made through most major credit and debit cards. Square believes that its new point-of-sale system can be very beneficial for companies that are interested in engaging consumers in a new way.

Starbucks thrives through partnership with Square

Square’s announcement concerning its annual mobile payments transactions does not include its partnership with Starbucks. The two companies partnered this year in order for Starbucks to reach out to mobile consumers. Starbucks itself has seen impressive growth through its mobile commerce initiative and continues to put a great deal of focus on engaging consumers on this level.