February 13, 2014
We all know how well Square’s payment platform worked with Starbucks and its Mobile app. Almost 10 Mn consumers utilize the Starbucks mobile payments app to pay for their coffee, croissants and those blueberry chocolate balls. According to the company, they amount to a whopping 5 Million mobile payments every week. In another major move, Square has entered into a partnership with Whole Foods – its first with a national grocer.
Whole Foods has already been trialling Square Stand in seven locations in clouding San Francisco, New York City and Austin. The new partnership won’t put Square at the main checkout lines, but see Whole Foods use Square Stand and Square Register at in-store venues like sandwich counters and juice bars.
About the Partnership:
Together with Square, we’ll deliver options to expedite checkouts, and we look forward to developing new concepts to further simplify and improve grocery shopping, said co-CEO of Whole Foods, Walter Robb. Square’s forward-thinking vision and technology makes them an ideal partner to create a convenient, responsive experience for our customers.
Square earns its revenue by charging a flat fee of 2.75% off of transactions. Whole Foods had sales of approximately $13 billion in 2013, so even a small piece of that could boost Square’s own revenues significantly. Square introduced the Square Stand last year, a $299 iPad stand with a build-in card reader. This device essentially turned the Apple tablet into a payment register.