ATLANTA — As the Starbucks mobile app continues to gain users, new analysis shows people are storing more money with the coffee mega-chain than they are in some bank accounts.
According to Fortune magazine, Starbucks has 12 million members that are paying for their coffee using Starbucks gift cards or its mobile app.
The Wall Street Journal says that translates $1.2 billion.
Fortune magazine says that's more than many banks have in deposits, including First Commonwealth Financial Corp. and Charles Schwab.
Fortune says that $1.2 billion amount is growing rapidly, nearly double from the $621 million the company had in 2014.
Starbucks has "one of the most successful mobile wallets," said Fortune's Leena Rao.
In March, Starbucks announced that the company will launch a prepaid Visa card later this year.
Cox Media Group
