In last week’s blog I wrote about how the rising dependence and relevance of smart phones is changing the face of advertising. But what’s also significant is how mobile devices and tablets are changing the face of commerce too.
Jack Dorsey, the co-founder of Twitter and chief executive officer of Square, a new technology that lets you accept credit cards with smart phones, has recently struck a deal with Starbucks, whom is now receiving over 1 million mobile payments per week now. Watch this quick video here with CNN, explaining the dynamic Starbucks Square partnership.
With the abundance of rewards gold card members at Starbucks, members can now pay for their coffee without pulling out their wallet. After ordering, they can simply open their Square App on their smart phone, click on Starbucks, scan the bar code on their phone with Starbuck’s scanner, and the transaction is done. No need to carry around the gold card anymore. This easy way of payment has been a huge success but it is not the only this that the Square App can do.
Square enables a virtual exchange of cash and good, reinventing the way transactions are completed with ease. Small business owners are using the Square credit card reader to not only complete their transactions efficiently using a smart phone or tablet device but the Square Wallet to also track their merchant data. Friends and family are using the newly launched service called Square Cash to exchange money using the App or email. This eliminates the hassle of withdrawing exact cash to pay your friends and family back etc.
I don’t know about you but this way of paying is much more appealing than always carrying around your wallet and having cash on me in case someone tries to pay for my lunch. Being fairly new concept, this weekend I downloaded the Square App on my iPhone and it sent me a free card reader in the mail! I am thoroughly impressed by it, this “digital wallet” is already becoming very useful for my lifestyle. But don’t take my word for it, give it a try.