Square Cash has launched its new iPhone app today that lets you send cash to anyone with an email account. The new Square Cash service that lets you send cash to anyone simply by typing an email, has developed this companion Square Cash app for the iPhone, according to The Verge on Oct. 15.
Days are waning for services like Western Union, which was an innovative way to send money in its heyday. Today it is as simple as writing an email to someone for cash to be sent online. How does this Square Cash app work?
You write an email to a friend. In the subject bar, you write the amount of money you wish to send, then you send off the email. If this is your first time using Square Cash, you’ll be directed to the signup page. This entails entering your debit card number and that’s it. But how do you get the cash at the other end?
The same thing for the receiver, they just put in their debit account number when the transaction arrives via email. It is a way of moving money between two debit accounts without a middle holding place which is the model that other online cash businesses use to move cash.
According to Mac Life, with Square cash you get an email that the cash will be available within two business days. The first transaction is limited to $250, but from there it jumps to $2,500, once the accounts are verified.
Right now trials are 50 cents per transaction, but Square Cash plans to take a cut of every transaction in the future, how much is not known at this time.
There’s no accounts to create or apps to download. You don’t pay any surcharges and you have no account numbers to look up. The Square Cash app has made it so streamlined that you might worry about the security of this. The folks at Square Cash say it’s 100 percent secure.
While Western Union has the timeline for this new app beat, money sent via the old system is usually available within an hour for the receiver. Then the Western Union customer picks up cash at the other end at a nearby Western Union location. But the price has Western Union beat.