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Square Cash Publicly Launched, Could be the Easiest Way to Send Cash Via Email

Square Cash

Could sending money to a friend be as easy as sending an email? Apparently, the answer is yes. Square, the company best known for its little square card readers that many merchants have been adopting for the past couple of years, launched a new program called Square Cash. According to the product manager of the program, sending money via an email is 100% secure, and can be done without the need of an app or creating an account, as long as you have any debit card in the US. 

The process is super simple – all you do is compose an email to the person you want to send money to, with a cc to Square. Enter in how much you would like to send in the subject line, then send. If it’s your first time using the service, you will be prompted to head to Square’s website and enter in your debit card number, but after that, all of the info is stored for easy access the next time around. On your friend’s end, they too have to enter in their debit card number, and in 1-2 business days, the money is in their account. There is no processing fee, account creation or anything else. Quick and simple money transfer.

Square released an application for the service, which basically does all of the work for you, plus has a nice interface. Just put in the amount, which friend’s email you want to send it to, and you’re done. As for any type of trickery, as in email spoofing, Square insists that the service is 100% secure, but did not go into what steps they took to ensure against evildoers. The need for secrecy is high, considering you wouldn’t want baddies knowing what exactly they need to overcome if they would want to take advantage of the service. For now, you are taking Square’s word for it on being secure.

Another thing to remember is that Google Wallet also has this feature, but of course, you do need to have a Google account and a bank account attached to it. Same goes for many of the other peer-to-peer cash sending services that are currently available.

Sound like a cool program? Check out the app on Google Play.

Play Link

Via: Square

  • WyattEpp

    “The need for secrecy is high, considering you wouldn’t want baddies
    knowing what exactly they need to overcome if they would want to take
    advantage of the service.”

    This is completely fallacious. Please don’t talk about security unless you know about security.

  • darensdorff

    I would love to see a feature implemented in Google Wallet that would allow payments to be received using a type of card reader like Square. That would be awesome, and google would own the mobile payment system!

    Just a thought!

  • p0k3y

    Chase Quickpay has already offered this for at least a year. And you don’t need to be a Chase customer to do this. Personally, I would trust a bank more than Square…

  • James Morgan

    Is this a joke, LOL?! Use Bitcoin … effectively zero fees and takes minutes.

  • Curtis

    I’ll stick with Google Wallet thanks.

  • Ryan Gullett

    Is Google Wallet instant? Cause I know there is a fee after you use like $250 or $300 right? This is totally free? The catch is you only have to wait a day or two it seems. Paypal is free in certain situations. Might require both parties being verified. Man, someone needs to create a list of the top 5 most easiest ways to send money and list the pro’s and con’s. :) And or fee’s.

    • Shawn John

      Great Idea, I think I will gather the required data and create such a list and post it on my blog.

      • Ryan Gullett

        Link that blog if you ever put that together!

        • Shawn John

          Yes sir.

    • John Davids

      Google Wallet is 100% fee-free with no limits. The only fees involved are when you are trying to pay for something with a credit card and not a bank account or debit card. Then the fee comes from Visa / Mastercard / etc.

      And yes, it takes a few days for it to clear Google Wallet.

      • Ryan Gullett

        Ah, looks like you are right about bank account / debit card thing. Really the only reason this (Square) would be a benefit would be if someone doesn’t have a Google account.

        • laheelahee

          wait, there’s still people out there w/o a google acct?

      • michael arazan

        Cash withdraws against your credit card are terrible in interest charges. They are higher than the purchase interest you receive, I do not recommend ever withdrawing cash from a cc.

        • John Davids

          Uh, yeah. That extends outside the realm of GW and I feel is kind of common knowledge.

    • sueerickson24

      my mum in-law recently got an almost new gold Land Rover LR2
      only from working parttime off a pc at home… why not try these out
      http://www.Bay35.coℳ

    • michael arazan

      Paypal will sit on your money too, they collect interest on money you transfer to them. I read a few articles about people who have transferred large sums or are ebayers with large sums trying to get their money out and Paypal delaying the transfers. I don’t know if things have changed the articles were from back in 2012

  • Shawn John

    I think the waiting 1-2 business days, kills the whole purpose even though it’s free. Im sure in most cases people needing to utilize a service like this expects the money to be received the same day. And there’s no telling how long the recipients financial institution will take to process the emailed transaction which could turn the 1-2 business days into 4-5 business days.

    • Kiril Vatev

      Hmm… it doesn’t take any time to process by the bank. It is a direct deposit from one account to the other, hence needing to sign up with a bank account. As for needing the money right away, I have never had that happen, and it’s better than the “I’ll go to the ATM on Tuesday and pay you back then” kind of situation.

      • Shawn John

        Not all Banks are equal, they all have different processes in place when it comes to proccessing transactions, just like at work where everyone uses different banks for their paycheck but we all get paid different days, I get paid 1 day before my co-workers because my financial institution doesn’t float my payday deposit, they process it instantly thus allowing me to get paid before others who use different institutions.

        • Kiril Vatev

          Well then it sounds like a lot of people need to switch banks. I have never had a direct deposit be held in any bank I have used. I don’t see a reason anyone puts up with that.

          • Shawn John

            Exactly, most places payday is fri or every other fri, the business usually submits the direct deposit on wed so that employees banks can process it for the Friday payment, my bank pays me on thursday, instead of holding the funds to Fri. And if you recieve your friday pay check on friday, your bank could be doing the same to you and you don’t even realize it, just because you got paid on time, to find out, you should find out when your HR submits the direct deposit to your financial institution and you would know for sure.

  • Kofi Williams

    ahh the slowness of Hump day whoop whoop

  • Rafy286

    Been using Google wallet and I don’t see a reason for switching. I also have PayPal and so does all my family and friends but we are all using Google wallet.

  • TravisHannon

    Venmo is my goto for sending money to friends for free. How do you receive the money into your account?

  • moelsen8

    i don’t get it, where do they make their money?

    • decidedtochangename

      Selling your financials to the NSA of course, duhhhhh. :P

      • moelsen8

        the NSA already has our financials, silly.

        • mustbepbs

          The NSA already has our *, silly.

          This comment brought to you by the NSA.

    • Shawn John

      Yeah once you use the service, they’ve made their money x10. It’s not always the upfront fee’s that you can cash in off of, but the opportunity to hit you with back end offers and selling your information to other advertisers, Im sure somewhere hidden in their T.O.S is jargon related to you agreeing to the latter.

    • Galen

      Banks and credit unions receive a very small percentage or predetermined amount per transaction (think kickback) from companies like VISA and MasterCard each time one of their members completes a non-pin based transaction. For example, if you bank with Chase and use a Chase VISA debit card to make a purchase, Visa would pay Chase a small percentage of the total purchase, or a flat fee for the transaction. My guess is that Square has a similar deal in place with the major credit card companies to generate revenue through the app.

    • Tom

      Try this video from the wall street journal: http://on.wsj.com/1gLnT6J .
      They hope you will sign up for all the delightful premium items they will happily sell you.

  • decidedtochangename

    I just sent money via Gmail today, however could only do from the desktop. I know technical it’s one more step to setup your Wallet account, but everyone with an Android device has likely already done that. So once Google supports sending money from mobile Gmail on both Android and iOS they may stop this before it gets going. Of course that’s a big “if”.

    Edit: I lied, I meant yesterday.

    • Abgar Musayelyan

      if you have wallet. you can use wallet to send from your phone.

  • Downtoearth2

    does paypal not do that?

    • mustbepbs

      I think there’s a fee.

    • decidedtochangename

      You have to a paypal account and verify your bank account and wait for money transfers. This just uses your debit card.

    • Shawn John

      Yeah, with Paypal it would not be as instantaneous. Too much waiting for verification and linking of accounts, I use western union online, costs $5 but the recipient has to goto a WU location to receive the funds but it’s same day, unlike these services which boast sending money but having to wait 1-2 business days for verfication of accounts, a neccessary security feature, but defeats the purpose of being able to send the money instantaneous.