Square Strikes New Deal With Whole Foods
New technologies arise every day that aim to change the way we exchange money. PayPal started it back in the original dot-com era, forever altering the way we sent money over the web and paid for goods/services online. Now, PayPal is almost half of the total worth of its parent company eBay. In 2014, the new wave that is changing the market is mobile payment options. Companies like PayPal and Google have been introducing new apps and services for years, but with the recent partnership announcements, Square is primed to own the space.
Square, spearheaded by Twitter co-founder Jack Dorsey, announced last year it had inked a deal with Starbucks to accept payment in some of its 20,000 stores worldwide. This is great for those on the go, who want to use their smartphones to pay for their small coffee orders. This opened the visibility of the app to people on every street corner, eventually hoping to ease the payment process.
This week, Square announced a new deal with Whole Foods, to allow mobile payments and various counters within their 300+ stores in the US. “Whole Foods Market and Square share a focus on supporting local sellers and creating amazing shopping experiences,” Jack Dorsey, said in a statement. The application is for now only being used at Whole Foods' "in-store venues," including sandwich counters, juice bars and pizzerias. This could be a big step for the industry, as much larger purchases are made at Whole Foods then they are at Starbucks. Time will tell how quickly merchants and vendors can adopt the technology, and how many average consumers accept this form of payment, but I for one can't wait to move cash closer to being obsolete.