Square has recently launched a brand new service that may become a strong PayPal competitor. Square Cash allows you to send real money to people over email. The best part is, Square Cash is free to use.
Square claims the new service is fast, free, and totally safe. Here’s the App Store description:
Send money to anyone with an email address. It’s fast, safe, and free!
No account needed. Just securely link your debit card to start sending money. It’s free to send, and free to receive money directly to your U.S. bank account.
Secure. Your financial information is entered through a secure connection and kept private. You can confirm or reject any transfer.
Fast. Money automatically deposits to your bank account within 1–2 business days.
Square Cash accounts only need to be set up once. After you’ve created an account, send your friend an email with the dollar amount as the subject, then carbon copy firstname.lastname@example.org in the email and send it.
It’s literally as easy as sending your friend an email. Square says that each transaction takes approximately one to two business days to clear. As mentioned above, the service is free, but there is a $2,500 weekly sending limit and currently the service is limited to users in the United States.
Could this be the money transfer service that finally takes down PayPal? I’m a regular PayPal user, but Square Cash definitely seems to be a lot easier and free. Currently, the new Square Cash app is available in the App Store for free. If you’d like to find out more information about Square Cash, you can visit the official website using this link.