Square's partnership with Starbucks wants to lead more users to smaller establishments, co-founder and CEO Jack Dorsey said.
Hot on the heels of DataSift CEO Rob Bailey's prediction that in five years Square would surpass Facebook's record-breaking $103 billion valuation, the mobile payment start-up announced more details and features related to its deal with Starbucks.
According to a press statement, the coffee chain will accept Square Wallet payments at U.S Starbucks stores as early as November. This feature will also integrate with the new feature called Square directory.
Founder Jack Dorsey said in a press statement that although Starbucks is a large corporation, Starbucks’ customers can be lead to small businesses. With the directory, searching for a near-by Starbucks will also highlight other businesses in the area that accept Square--many of them small to medium sized companies.
“This partnership gives millions of Starbucks customers a quick, seamless payment experience and introduces them to hundreds of thousands of small businesses in the Square directory,” Dorsey said.
In the last six months they’ve unloaded a myriad of new features (many of them small business focused), announced corporate partnerships, made an acquisition, and closed a $200 million round of funding with plans to take the payment toggle (et. al.) global. Halfway through September, Fortune valued the mobile payment start-up at $3.25 billion--double what it was a year ago.
MAEGHAN OUIMET is a business and culture reporter whose work has appeared in Boston Magazine and Rolling Stone. She covers technology start-ups and innovations from the San Francisco bureau for Inc.com. @MaeghanO