Back in May, mobile payments company Square teased Square Cash - free money transfers via email. At the time, it was an invitation-only service. "Forget the ATM," said Square.
Well, today's the day - Square Cash is now live for all U.S. debit card holders. Square Cash offers free (yeah, free) money transfers via email with no account signup - all you need is an email (any email client will do) account and a debit card.
Square Cash is ridiculously easy to use. To send someone money, all you have to do is send them and email and Cc email@example.com. In the subject line of the email, enter the amount you wish to transfer and then send the email. Upon your first money transfer, Square will prompt you to give them your debit card number. After that, it's smooth sailing.
“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.”
Grassadonia also assures users that the service is secure and your financial info will be kept private. "The product is 100 percent secure. Nobody is going to get taken advantage of via spoofing," she said.
Any funds that you receive will be deposited into your bank accounts within 1-2 business days.
Although the sending cash via email thing is about as barebones as a process can get, Square Cash is launching with an iOS and Android app as well. These apps provide a slick interface and keep a dedicated Square Cash shortcut accessible directly from your home screen, but they do little more than simply aid you in sending an email. Square Cash is all about the email transfer.
With Square Cash, the company known for their mobile payment devices is obviously challenging the likes of PayPal and Google Wallet. Of course, a service like PayPal gives you a few more options for transfers (Square Cash requires as U.S. debit card - for now). But it's a bit more complicated that Square Cash - if for nothing more than the fact that it requires a username and account.
Images via Square Cash app