Square Cash Lets You Send Real Money To Anyone Over Email For Free

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Square has unveiled a new product called Square Cash that lets you send anyone money from your bank account through email. You compose a new email to the person you want to pay, cc (sorry, you need Javascript to see this e-mail address), put the amount in the subject, and send. No hidden fees or strings attached.

Square has been privately testing Cash for months and charging users $0.50 per transaction, but now that it’s open to the public, everything is free. If you’ve never used Square Cash before, you’ll be promoted to enter your debit card on the web the first time you send money and have it verified with Visa or MasterCard. The receiver will have to do the same. Once that’s done, there are no logins or passwords to worry about. It’s as easy as sending an email.

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Walt Mossberg of The Wall Street Journal sheds some light on the details:

Square says most payments appear in the recipient’s account in one day. And it says a significant minority of payments appear immediately, something it hopes to make commonplace as soon as possible.

There’s one more twist, however. This simple verification system works only for transfers of up to $250 a week. To qualify for the full $2,500 limit—which is also free—you have to provide some added information, one time only. You can give Square your Facebook credentials, or provide your full name, date of birth, and the last four digits of your Social Security number.

Since Square already specializes in making mobile payments as frictionless as possible with its Wallet app, Square Cash is incredibly easy to use. There are obviously privacy concerns with email, but Square promises that’s impossible for someone to spoof your address and use the service to send payments. They’re not offering details at this time on security measures, so you’ll have to take them at their word.

Square Cash has its own iPhone app too. It’s basically a number pad for entering the amount you want to send. It then auto-composes an email for you. You can check it out now in the App Store.

  • klikekyle

    So basically your full name, birthday and last four of your social security number is equal to your Facebook login? Are people insane. Think about it. Your Facebook login is now the equivalent to a company as that person and very confidential information. If that is not a wake up call to ditch FaceFail I don’t know what is. Not here to create a campaign just read that and my mind is blown away that a Facebook login is a substitute for that. Unreal. On a side note Square Cash looks awesome.

  • TylerHoj

    Square always impress me. They take complex transaction types and simplify them in a professional manner my customers enjoy.

  • AlanH

    It should be noted that this is for US transactions only so useless to pretty much most of the world.

  • PharLeff

    Very impressed by Square. Look forward to using this. Gotta think, it’ll put a hurting on Paypal (unless you have a Paypal card) and Western Union, Moneygram, etc. Good stuff.

About the author

Alex HeathAlex Heath is a senior writer at Cult of Mac and co-host of the CultCast. He has been quoted by the likes of the BBC, KRON 4 News, and books like "ICONIC: A Photographic Tribute to Apple Innovation." If you want to pitch a story, share a tip, or just get in touch, additional contact information is available on his personal site. Twitter always works too.

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