Starbucks Invests $25 Million in Square, the Mobile Payment System We’ll All Be Using To Buy Our Lattes

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Aug. 8 2012 3:23 PM

Starbucks Invests $25 Million in Square, the Mobile Payment System We’ll All Be Using To Buy Our Lattes

Where goes Starbucks, so goes the nation ... or so they hope. Starbucks has invested $25 million in Square, the electronic payment service.

Square allows customers to pay with their mobile phone and allows businesses to receive credit card payments through smartphones and tablets via a card reader attachment. And it’s got some good tech pedigree in founder Jack Dorsey … who also co-founded a little social media company called Twitter. Dorsey hopes the partnership "gives Square new visibility, driving more customers to opt-in."

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Of course, Square still faces competition from other services, including the well-established PayPal and iZettle. Whichever company gains the most traction, the future is now. Even if you leave your wallet at home, your phone can still get you that double latte.

Video by Jim Festante.

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