Starbucks CEO Howard Schultz said last week that the company had 60 million mobile transactions in the last year and a half since it launched mobile payments. Schultz said the adoption of mobile payments is the fastest he's seen of any product in the last 40 years. The Seattle-based coffee chain has also invested $25 million in Square, an electronic payment app, and announced it would soon enable Square payments in its locations.
Meanwhile, Target, Walmart, Best Buy, 7-Eleven and about a dozen others on Wednesday announced they have banded together to form a joint venture called the Merchant Customer Exchange, which will eventually create a mobile wallet system accessible through almost any Smartphone.
