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Following through on a promise from last year, Starbucks is ending its payment processing agreement with Square, writes TechCrunch. The Seattle-based coffee giant is moving on from the mobile payment company as it builds its own version of the service. Starbucks previously ditched square's smartphone app-based mobile payment system, but it began looking at other processors for in-store credit and debit card payments at the beginning of October.
The disintegration of the Starbucks deal came to light when Square filed for its initial public offering on Wednesday. The filing showed Square probably isn't too upset about the breakup: The company reportedly lost $15 million in the first six months of 2015 because of the agreement with Starbucks.
Starbucks' Mobile Order & Pay service has taken off in recent months. The chain rolled out a national expansion late last month, and plans for deployment in Canada are in the works. Starbucks is also adopting Apple Pay for in-store purchases.
