“Forget the ATM.”
That’s the brief message that Square is displaying on a new page for Square Cash. It looks like Square is about launch a new money transfer feature.
“Square Cash is the easiest way to send money to anyone, using just email and your debit card,” says Square on the Square Cash about page. Square explains the simple mechanics for Square Cash as such: all you have do do is send an email with the recipient’s email address, cc [email protected], enter a dollar amount in the subject line, and send away.
“You’ll get a receipt each time you send money. You have the ability to cancel the payment by clicking a link within the confirmation email you receive. Keep in mind that you can only cancel a payment if it hasn’t yet been redeemed by your recipient,” says Square.
It’ll cost the sender $0.50 for each payment sent, and it will cost the recipient nothing. Recipients only need to link their debit accounts upon receiving a payment. Funds will be directly deposited within 48 hours.
Currently, Square Cash is an invitation-only service, but you can’t even sign up yet. It appears that Square is simply picking some early testers.
“We’re excited to share Square Cash with our friends. We’ll continue to invite others to try it out in the coming weeks,” a Square spokesperson told TechCrunch.