North American consumers are on pace to spend $44 billion on in-store mobile wallet transactions in 2017, up from just $500 million in 2012, according to a new forecast issued by research firm Berg Insight.
Coffee company Starbucks continues to see significant traction in its mobile efforts--the company said more than 10 million people are "active" users of the company's mobile apps, and that the company now counts close to 4 million mobile payment transactions per week (up from 2 million near the end of last year and 3 million a month ago). This, the company said, accounts for roughly 10 percent of the company's total "U.S. tender."
Starbucks is overhauling its long-running Pick of the Week digital content promotion and will now offer consumers free mobile applications and e-books directly through its branded app for Apple's iOS.
Starbucks said it will increase its menu of mobile commerce services in 2013, with mobile tipping as well as new ordering and personalization tools slated to launch in the months ahead.
Two months after Starbucks began allowing consumers to pay for purchases via the Square Wallet application for iOS and Android, the coffee chain is now offering the Square Card Reader for sale across its 7,000 U.S. brick-and-mortar locations.
Square is now processing $10 billion in annual mobile payment transactions, up from $8 billion in mid-September and exploding from $2 billion a year ago.
Beginning today, consumers may pay for their Starbucks Coffee Company purchases using the Square Wallet application for iOS and Android devices.
During a leadership conference in Houston, Starbucks executives said that the company will begin using Square Wallet for mobile payments starting in early November. At that time, customers will be able to use the Square directory to find more than 7,000 U.S. Starbucks stores.
Starbucks released an updated version of its prepaid card application for Apple's iPhone, adding support for the iOS 6 platform's new Passbook service.
American Express and Starbucks are the latest Fortune 500 companies to confirm support for Apple's Passbook, the new iOS 6 application that collects users' movie tickets, transit passes, retailer loyalty cards and related documentation.