According to Starbucks CEO Howard Schultz, the company’s mobile payment app is now processing more than 4.5 million transactions a week.
Speaking at the Sanford C. Bernstein Strategic Decisions Conference, Schultz stated that he expects adoption to further increase as mobile technology continues to evolve and the card expands into grocery stores.
“Basically over this past year and a half, we’ve noticed a seismic change in consumer behavior and that seismic change primarily is due to social and digital media and the rising tide of mobile phones replacing desktop computers,” Schultz said.
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.
Cheques are become less and less common in the UK according to new research from global market research firm Mintel which claims contactless card use has overtaken cheque payments in the UK for the first time.
Payments for digital and physical goods made mobile operating system-based payments platforms like Apple Pay and Android Pay are expected to boom in the next few years according to new analysis from Juniper.