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Starbucks unveil partnership in US with mobile payment company Square

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By The Drum Team, Editorial

August 8, 2012 | 2 min read

Starbucks has announced a partnership with mobile payment start-up Square in the US, with the company to process all credit and debit card transactions at 7,000 Starbucks stores from this autumn.

The deal will also see Starbucks investing $25m in Square, and Starbucks chief executive Howard D. Schultz joining the board of the start-up.

Schultz said: “My hope is that by creating a national footprint for Square technology in all Starbucks stores in the US, that it will be a catalyst for Square to get access to tens of thousands of other small businesses and democratise payments.

“Because Square's revolutionary technology allows anyone to accept credit and debit cards, it gives entrepreneurs an essential tool to jump-start their business while providing existing small companies access to new customers. This development can play a vital role in spurring small business growth and hiring, which remains one of our country’s most important issues.”

Jack Dorsey, co-founder and CEO of Square, said: “We’re proud that Starbucks chose Square, as we share the value of always putting customers first.

“More than 2 million individuals and businesses can already use Square. This partnership will accelerate our ability to provide them with the tools they need to grow their business and thrive in today’s economy.”

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