Brendan Mcdermid / REUTERS
An iced coffee sits on a counter in a Starbucks outlet in New York.
By Roland Jones, NBC News
Starbucks is set to become the first national chain to allow customers to pay for drinks and other products in its stories using a mobile payment application made by Square.
The Seattle-based coffee company said Wednesday it will begin accepting payments using an app offered by the mobile payments start-up founded by Twitter co-founder Jack Dorsey. Starbucks already accepts payments using its own app.
Until now, Square?s mobile payments app has been used mostly by small businesses and individuals. The partnership with Starbucks could raise the company?s profile considerably.
Customers use the app by downloading it to a mobile device than then link it to a debit or credit card account. To make a payment, the customer opens the app and places their mobile device in front of a scanner.
Starbucks said it will invest $25 million in Square as part of the deal, and its Chairman, President and CEO Howard Schultz will join Square?s board of directors.
Click here to check Starbucks? share price.
Mobile payment start-up Square is teaming up with Starbucks, reports CNBC's Seema Mody. Bill Maurer, UC Irvine professor, weighs in with the FMHR crew.
Source: http://marketday.nbcnews.com/_news/2012/08/08/13180371-starbucks-to-accept-mobile-payments?lite
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