Pursuits
Starbucks Just Sold $1.4 Billion in Gift Cards. What Did It Do With That Cash?
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Starbucks is slowly adding a shot of banking to its grande coffee empire. As customers pour money into its gift cards and its mobile-payment app, the Seattle-based company is booking a tidy profit simply by holding onto customers’ cash.
Starbucks reported yesterday that its customers added $1.4 billion to its payment platforms in the past quarter, a figure no doubt boosted by a brisk trade in gift cards given as stocking stuffers last month.