Square, Inc. recently announced “Square Cash,” a new no-fee service that lets users make up to $2,500 person-to-person transfers over email. This means funds can be send from web browsers, mail clients and even mobile phones. Square Cash is a simple and free one-step digital solution for sending money person-to-person according to the company.
Unlike its square-shaped credit card swiper which enables small businesses to easily and economically accept credit card payments, Square’s new product involves no hardware beyond a user’s computer, smartphone or tablet. The only requirements to use Square Cash are a valid Visa or MasterCard debit card and an email address.
The process is quite simple: to send cash to a friend, a user creates an email with the recipient’s name in the “To” field, firstname.lastname@example.org
in the “CC” field, and the amount to be sent in the subject line. A note can also be included in the email’s body but this step appears to be optional. Once a user has taken the aforementioned steps, Square Cash will receive the email, check that the bank account linked to the sender’s email address has the requisite funds and send along the payment to the recipient. Upon accepting the payment, the money will be placed in a recipient’s linked account and become available for withdrawal in one to two business days.
For first time users, Square Cash will send an email to both the sender and the recipient with steps to link their respective debit card accounts with the service. After this one-time setup, no further action appears to be necessary. As of right now, transfer values appear to be capped at $250 per week for the basic service, which can be raised to $2,500 with a few additional steps. Although still free, the higher dollar amount requires users send Square their name, date of birth and last four digits of their social security number. Alternatively, a Facebook login can be used for verification as well. As an alternative to emailing money, Square Cash also has an iOS app that can be downloaded from the App Store for free.
Currently the service only appears to be available to US residents, though the company plans to expand operations internationally with a for-pay service.
Source: iTunes via Square