Starbucks recently invested in Square, the mobile payments company. We are watching this very closely. In a market & society where loads of goods and services still exchange hands at prices below 1 USD, this has the potential to change the way we live, work and play in the BRICs.
The New York Times explains how the process will work.
At first, Starbucks customers will need to show the merchant a bar code on their phones. But when Starbucks uses Square’s full GPS technology, the customer’s phone will automatically notify the store that the customer has entered, and the customer’s name and photo will pop up on the cashier’s screen. The customer will give the merchant his or her name, Starbucks will match the photo and the payment will be complete.
Original Article here