Square has introduced Square Cash; a new service that makes sending money as simple as sending an email.
With Square Cash, individuals no longer need to write checks, pay ATM fees or wait for forgotten loans from friends. Customers simply send an e-mail to the person they’re paying, and after the recipient enters their debit card number, money is directly transferred to their bank account.
“Square has always believed in creating solutions for individuals and businesses that work with the tools they already have in their pocket,” said Square Cash lead Brian Grassadonia. “Square Cash makes it convenient to send money to anyone—without making them jump through hoops to retrieve it. Now it’s easier than ever to split a bill, send a birthday gift, or settle up with a friend, no matter where you are.”
Square Cash is free to send and receive, and there is no signup process. Funds are directly deposited into the recipient’s bank account, rather than held in a stored balance account.
To send their first payment, customers simply compose an email by filling in the following fields:
To: [email address]
Cc: [email protected]
Subject: $ [amount]
Customers then receive an email prompting them to link a debit card to fund their first payment. To accept a payment, the recipient enters their debit card number once, and will automatically receive funds to their debit card thereafter.
Square Cash works from any e-mail client (such as Gmail, Yahoo, Mac Mail, Android Mail and Outlook), whether on a phone, tablet, or desktop. In addition to the e-mail service, Square also created a Square Cash app for iOS and Android. The app enables customers to keep Square Cash on their homescreen and send e-mail payments from a simple, customized interface.
You can download Square Cash from the App Store for free. The service is currently available in the U.S. only.
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