President of Starbucks Howard Schultz (Howard Shultz) said that the coffee chain plans to incorporate blockchain technology and cryptocurrencies in its long-term payment strategy and, thus, hopes to “expand its relations with customers”.
Schultz, however, believes that bitcoin will play any significant role in this strategy, noting that he believes that cryptocurrency “will be the currency today or in the future.”
He explained that Starbucks is not going to develop the digital currency and is not going to invest in blockchain or cryptocurrency, but rather wants to use his position and ability to inspire confidence.
Schultz made these statements in a quarterly address to investors of the company.
I believe that we are entering a new era, in which the blockchain technology will provide the digital currencies that will be popular among consumers.
Starbucks, he added, is uniquely positioned to take advantage of these changes.
We believe that we have something to offer companies working in this field because we are able to create a level of trust to this technology, and perhaps for this we can use the platform for mobile payments that we have made.”
The platform, which says Schultz, is a mobile payment Starbucks app, launched in 2015, which allows customers to place orders and pay directly in the app with a different bonuses.
Mobile payments make up almost a third of Starbucks transactions in the United States. Schultz believes that it is a good basis for the introduction of cashless stores in USA.
It is worth noting that Starbucks has always been supportive of new payment technologies. At the time, he began to work with Square as the exclusive payment operator, but the cooperation ceased.
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