The payments space was even further shaken up last night, with the news that Square will take over all U.S. credit and debit card transactions for Starbucks. And those who use the Pay with Square app (iPhone and Android) will be able to pay for their sugary caffeinated drinks with nothing more than their phone. This morning in New York, a handful of journalists sat down with Square CEO Jack Dorsey and Starbucks CEO Howard Schultz to discuss the "epic" partnership. Before we get into the nitty gritty, it’s important to note the direct impact this partnership has on Square as a business and its plans for the future.

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