Trying to add even more speed to its fast-food burrito, Chipotle (CMG) is planning to invest $10 million to redesign its technology network and add mobile payments to its ordering app, among other improvements.
“We are experimenting with mobile payments, and we have kind of a rough version right now that our employees are able to use,” said Chipotle Chief Financial Officer John “Jack” Hartung during an earnings call last week. The company is spending a few hundred dollars per restaurant to add equipment for this feature, which is similar to the readers used at Starbucks (SBUX) cafes. Chipotle declined to share details about its timing for making mobile payments available to customers. Read More