Square is known for its financial transaction software that allows businesses to accept payments from customers. Now the company is moving into the personal realm with a new money sending service called Square Cash that allows people to send money to anyone with an email address.
Square Cash is designed from the ground up to be easy to use for both the sender and the recipient. There is no signup process and funds are transferred directly from one bank account to another within a few days.
To send money, a customer has to send an email to the person who is the recipient of the funds and cc Square on the email. Square will then prompt the sender to add a debit card to fund the payment. The recipient will then receive an email and must link their debit card to the transaction in order to receive the payment. The money then will be deposited directly into their bank account in one to two business days.
The service works from any email client (desktop, mobile or web). There’s also a Square Cash app for Android that gives you a quick and easy way to send the email payments. You can read more about Square Cash on Square’s website. If you want to try it for yourself, you can do so now if you live in the US.[Via Square]