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Thread: Square's New "Square Cash" Service Allows Users to Send Money via Email or Mobile App

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    MMi Staff Writer Akshay Masand's Avatar
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    Default Square's New "Square Cash" Service Allows Users to Send Money via Email or Mobile App


    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, [email protected] 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

    Twitter: @AkshayMasand

  2. #2
    *Types e-mail worng* f**k just lost $2500 to a random person.

  3. The Following User Says Thank You to LaddersRCool For This Useful Post:

    buggsy2 (10-16-2013)

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    ^ thanks

  5. #4
    Interesting that it's US only, but Canada has had e-mail money transfers through most of its banks for years. Each transaction costs a small fee, but at least there's much higher limits. My limit is $3,000 per 24 hours and costs $1.50.

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    My iPhone is a Part of Me thevmax's Avatar
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    Quote Originally Posted by Meh View Post
    Interesting that it's US only, but Canada has had e-mail money transfers through most of its banks for years. Each transaction costs a small fee, but at least there's much higher limits. My limit is $3,000 per 24 hours and costs $1.50.
    I would think security is an issue here.
    Money via email?
    We already know that unless you have a very secure browser,
    other people are reading your emails.
    And now they want me to send money via email?
    "Money for Nothing" by Dire Straits comes to mind!

    I would think security is an issue here.
    Money via email?
    We already know that unless you have a very secure browser,
    other people are reading your emails.
    And now they want me to send money via email?
    "Money for Nothing" by Dire Straits comes to mind!
    Last edited by thevmax; 10-17-2013 at 08:16 AM.

  7. #6
    Quote Originally Posted by thevmax View Post
    I would think security is an issue here.
    Money via email?
    We already know that unless you have a very secure browser,
    other people are reading your emails.
    And now they want me to send money via email?
    "Money for Nothing" by Dire Straits comes to mind!

    I would think security is an issue here.
    Money via email?
    We already know that unless you have a very secure browser,
    other people are reading your emails.
    And now they want me to send money via email?
    "Money for Nothing" by Dire Straits comes to mind!
    Seriously??? ....its 2013 you do realize that right???

    People have been online banking for almost a decade now.

  8. #7
    My iPhone is a Part of Me thevmax's Avatar
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    online banking is different than sending money via email! My bank uses a secure https connection and I have to dial in with my phone to post a security code that is different each time I use online banking. Compare THAT to emails which are not secure! Why do you get spam email? Because they are reading your emails!

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