Starbucks President Howard Shultz said the coffee chain plans to incorporate blockchain technology and digital currencies into its long-term payment technology strategy, and hopes to "develop digital customer relationships" .

However, Shultz does not believe that bitcoin will play a role in this strategy, noting that he did not believe that the original cryptocurrency would be "a currency today or in the future".

He stated that Starbucks did not develop digital currency or announced investment in the blockchain or cryptocurrency, but wanted to use its stature to give credibility to these technologies.

Shultz made these remarks in the quarterly call of the company's investors, who were later reported by diginomica.

According to the report, he said:

"I believe we are entering a new era, in which blockchain technology will provide a significant level of digital currency that is going to have a mainstream application."

Starbucks, he added, is ideally placed to take advantage of the changes.

"We think we have something to offer to the companies that are pursuing it, because we are able to create the legitimate place of trust in which this could be accepted and eventually take advantage of the mobile digital payment platform that we have created "

The platform mentioned by Shultz is Starbucks' mobile payment app, launched in 2015, which allows customers to pay and order an integrated app, while racking up rewards.

Mobile payments account for nearly one-third of Starbucks' US transactions and, as a result, Shultz said Starbucks was considering setting up cashless stores in the United States.

Starbucks has always adopted advanced payment solutions. He adopted Square as the exclusive processor of all his debit and credit card transactions in the fall of 2012, although the relationship was subsequently dissolved.

Starbucks via Shutterstock Image

Leader in blockchain information, CoinDesk is an independent media company that strives to achieve the highest journalistic standards and adheres to a strict set of editorial policies. Do you have any breaking news or a tip to send to our journalists? Contact us at news@coindesk.com.

