Starbucks customers can now pay for items with bitcoin by leveraging the Bakkt digital wallet application. Bakkt’s CEO, Gavin Michael explained that 500,000 users participated in testing before the launch, as the company says it looks forward to expanding crypto assets to everyone.
You Can Now Pay for Goods at Starbucks With Bitcoin
You can now pay with bitcoin by leveraging the Bakkt wallet at the popular chain of coffeehouses called Starbucks. With over 30,000 locations worldwide, Starbucks is the world’s largest coffeehouse chain and pulls in around $26.50 billion in revenue yearly. According to Bakkt executives, 500,000 customers participated in Bakkt’s invitation-only early access program, and now anyone can download the application via the App Store and Google Play Store and use it to make purchases.
“The average consumer holds a wealth of digital assets – from gift cards to loyalty points to bitcoin – but lacks the tools to adequately track and utilize their value,” Bakkt’s CEO, Gavin Michael said during the announcement. “We’re thrilled to bring the Bakkt App to the public as a step along our journey to expand digital asset access to all.
Bakkt Names a Number of Popular Partners
Starbucks is not the only mainstream shop that will accept bitcoin via the Bakkt app, as companies like Golfnow, Best Buy, Choice Hotels, and Fiserv are joining in as well. Karl Hebert, Starbucks VP of global card, commerce, and payments explained that the Starbucks team worked very closely with the Bakkt team members.
“Our teams worked closely together as Bakkt sought input in developing a unique and trusted payment experience that enables customers to unlock the value of their digital assets in the form of U.S. dollars,” Hebert said.
The Starbucks executive added:
We are excited that customers now have the opportunity to use Bakkt to load their Starbucks Card in the Starbucks app and then use it to pay at Starbucks.
Additionally, Jerramy Hainline, senior vice president, and general manager at Golfnow said his company also looks forward to diversifying toward an alternative payment system.
“As a technology leader in our sport, Golfnow is excited to join with Bakkt to further diversify payment solutions for our more than 3.5 million members,” Hainline detailed. “The potential our partnership presents is very compelling, creating an opportunity to make golf even more accessible by giving our customers the ability to convert crypto, gift cards, and unused loyalty points into a round of golf.”
It should be noted that Starbucks customers can convert bitcoin (BTC) into U.S. dollars via Bakkt’s digital wallet application to reload their Starbucks Card.
**Editor’s Note: This article was edited on Tuesday, April 6, 2021, at 6:00 p.m. (EST).
What do you think about being able to spend bitcoin at places like Starbucks, Best Buy, and Golfnow? Let us know what you think about this subject in the comments section below.
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