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August 08, 2012

Square and Starbucks Strike Strategic Partnership

Square logo 140pxSquare and Starbucks have announced "a broad innovative partnership to bring the best possible payment experience to both sides of the Starbucks counter." The key partnership terms include:
  • Starbucks will deploy Pay with Square in U.S. Starbucks stores this fall

  • Square will process Starbucks U.S. credit and debit card transactions

  • Starbucks will integrate the Square merchant directory to various Starbucks digital platforms, including the Starbucks Digital Network and eventually the Starbucks mobile payment application

  • Starbucks will invest $25 million in Square as part of the company’s Series D financing round

  • Starbucks chairman, president and CEO Howard Schultz will join Square’s Board of Directors

Federal Reserve Reports Consumer Credit for June 2012

FedThe US Federal Reserve has reported its latest G.19 Consumer Credit statistics - finding that "consumer credit increased at a seasonally adjusted annual rate of 5% in the second quarter. Revolving credit decreased at an annual rate of 0.5%, while nonrevolving credit increased 7.75%. In June, consumer credit increased at an annual rate of 3%."

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