Starbucks Prepare Crypto Currency to Become a Payment Tool

Starbucks retailers are signaling the use of blockchain technology as a means of payment. Executive Chairman of Starbucks Howards Schultz disclosed it would use blockchain technology as part of its payment application.

Schultz revealed this in an interview with Fox Business. He explained that the use of crypto currency (cryptocurrency) can indeed guard the payment application.

Schultz said that the company 'may' be moving towards such technology despite its opposition to a centralized economic system.

"I think blockchain technology may exist in an integrated application in Starbucks that will be used," he commented.

This comment came out after almost a month ago. At that time, Schultz said that the company will use blockchain as payment but refuse bitcoin as its currency.

He considered that Bitcoin would not be the currency of the future. Because, the currency used is a trusted and legitimate currency.

According to Schultz, a trusted cryptocurrency must be certified by a traditional company. The use of this technology is one way Starbucks tries to remain relevant to the world of its customers both inside and outside the store, where non-cash money is beginning to bloom.

"The real question in offline retailers lately is how do you become relevant outside your store like you do in-store?" he said.

Schultz said that the company always takes long-term decisions and is not based on the performance of this quarter or the next quarter. Meanwhile, Starbucks shares recently traded at US $ 57.17 down from its 2017 high of $ 64.87.