Square's partnership with Starbucks' gone a bit further...The companies announced today that Starbucks customers can now buy Square's Mobile Card Readers in-store at 7,000 locations nationwide. Starbucks is selling the Reader for $10 but will give customers back $10 if they're new merchants or individuals who sign up for Square's service.
Starbucks is a major investor in Square, dropping $25 million into the mobile-payment startup last year. Since then, the companies have been working closely to expand Square's footprint across the U.S. In November, in fact, Starbucks announced that it was now supporting Square's mobile payments at 7,000 coffeehouses around the country. Customers are also able to make payments at Starbucks with the help of Square's payer app, Wallet.
Square has been growing in leaps and bounds. In November, the company announced that it was processing $10 billion in annualized transactions. Just two months prior, the company had passed the $8 billion mark, and a year earlier, it was processing $2 billion on an annualized basis.
Still, Square expects 2013 to be an even bigger year. And part of that growth will be attributed to Starbucks. In an interview with CNET last year, Square COO Keith Rabois said that "expanding the Square-Starbucks relationship is definitely a major initiative," and that "we're only in the first inning" of that relationship.
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