Starbucks Holds More Cash Than Many Banks!

Fifty one percent of the coffee chain's customers in the U.S. and Canada now pay for their beverages and snacks after loading money onto their Starbuck's card.

With 18.9 million active members in the U.S alone, the coffee chain boasts more customer money on its cards than many banks have in deposits.

According to the Wall Street Journal, the coffee shop chain's U.S. headquarters had $1.5 billion that customers had loaded onto Starbucks gift cards and the mobile app as of the first quarter of 2019, surpassing the amount of cash that major American banks had in their deposits. 

These balances can not be withdrawn as cash but only coffee! This amazing business model teaches us a lot about the stunning opportunities we have within mobile payment & social digital media. It is also an amazing way to both meet the needs of customers and reward them!