Square wants to revolutionize the sending of money between people like it did with businesses, which is why it introduced the new Square Cash service. Square Cash makes it easy to send money between two people using only an email.
Square Cash is designed to be easy to use for both the sender and the recipient. There is no signup process and no intermediary account to hold your money. The service is a peer-to-peer transaction in which funds are transferred directly from one bank account to another within one to two business days.
To send money, a customer only has to send an email to the recipient of the funds and add Square as a CC on the email. After the email is sent, Square will then ask the sender to add a debit card that’ll be used to fund the payment. The recipient will then receive an email alerting them of the incoming money. They, in turn, must add their debit card to the transaction in order to receive the money. The money then will be transferred from the sender’s bank account and deposited directly into the recipient’s bank account.
The service works from any email client whether it is a desktop, mobile or web-based client. There’s also a Square Cash app for Android and one for iOS that provides users with a quick and easy way to send email payments. The app is no-frills and merely helps you compose the email needed to kick off the transaction. If you want to check out Square Cash, you can do so now as long as you live in the US.
[Via Square]