15
Oct
e

There are exactly 242 ways to send money to someone over the internet now, but Square thinks it has found an angle no one else has worked yet. Square Cash is a new way to get money from your bank account to someone else's, and it relies on sending an email. Not impressed? The thing is, that's all you have to do.

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To use Cash, just send an email to the person you want to give the money to with the amount in the subject line, and make sure you CC cash@square.com. The email goes off, then your acquaintance/friend/bookie can deposit the money directly in their bank account. Square will send you an email after it processes yours that asks you to link your debit card to the transaction. So it's slightly more work than just sending an email, but you still don't have to go through all the tedious signups and bank verification nonsense as you would with some other services.

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Along with the new service, Square is launching an Android app that makes sending cash even faster. Simply fill in an amount, and Square Cash auto-fills an email for you to send off to whoever you want. It also scans for the reply so you can enter your debit card info. It seems like a pretty slick service, and it is completely free to use. I don't see how it can be totally free, but the website is pretty adamant saying, "No more pricing grids. No more fine print. Sending and receiving cash is free without gimmicks."

[Square Cash, Square News]

Ryan Whitwam
Ryan is a tech/science writer, skeptic, lover of all things electronic, and Android fan. In his spare time he reads golden-age sci-fi and sleeps, but rarely at the same time. His wife tolerates him as few would.

  • MafiaMM

    Will you guys make an article about which app is best for these type of apps?

  • FunkyMonkey

    I'm quite adamant to use these *243 services to send any money, unless its through an official bank's app.

    If you seriously need to send money THAT often, and absolutely CANT be bothered to use your bank's app or even a desktop/browser/iPad/Nexus 7/phone's browser, then you need to seriously reconsider your banking habits

    Nevertheless, that's a pretty cool app, I guess

    • Kevin

      Honestly, I use Venmo pretty constantly and it's a million times better than using my bank's app or anything else. My roommate sends me rent money every couple of weeks and I just hit "cash out" and it's in my account in a day. It's infinitely easier than setting up bill pay to pay a person and takes less time to transfer. So I can't imagine why you WOULD want to send money to a friend using your bank's app unless the two of you have the same bank.

    • http://turbofool.com Jarrett Lennon Kaufman

      Only way I can do this with my bank's app, or website even, is if the other person is with the same bank. Otherwise they have NOTHING comparable. So perhaps your horse is a little too high...

  • NemaCystX

    I read on XDA (last year) that a third party was developing a payment app that lets you use NFC like Google Wallet would, does it still exist or is it still in private only beta?

  • wakeupz

    Best implementation yet. Bye bye Venmo.

    • wakeupz

      Update: Just used it. TOTALLY FREE. WOW.

      • samrex

        Yeah so easy, too

    • Kevin

      I'm currently a venmo user... what's the advantage of this over Venmo? The only thing I can see is that the person receiving doesn't necessarily have to sign up for an account, but they're still going to have to enter some bank info to get the deposit just like they would with Venmo. Same goes for the sender. So what's the perk?

      • darkNiGHTS

        That's a pretty big perk. The barrier for new services is almost always the fact that people can't use them because their friends don't have accounts.

        • Kevin

          I think this is far more suited to one-off payments and Venmo is far more suited to regular transfers of money among people. My roommate and I use venmo for rent money, for example (and various other things).

  • samrex

    Just used it! Went from download to paying someone in 2 minutes. Been waiting for this app for years

  • Dmitri Smirnov

    Didn't google wallet have that thing for a long time now? Sending money from GWallet over GMail? Also, would love to see NFC&QR code support in the app.

  • darkNiGHTS

    Wow, finally something different enough from Paypal to break in. Will definitely be using this to pay for random things.

  • SpamIsHarassment

    This app requires a decent number of permissions and a ton of information including unique phone identifiers. Some I understand, (for it to access email), but Bluetooth or the Camera? Are these for future capabilities? Another concern is "free." In the privacy policy they mention promotional emails and having to opt out in those emails (through the ad agency's emails?--this is potential phishing grounds) . Will the use of email addresses both Spam me AND the person I send money to (until we are required to Opt Out)?

  • MM

    cant use it in TN

  • Matthew Fry

    I will give you a dollar if you name all 243.

    • Josh Legoza

      Through which service?

      • Matthew Fry

        All of them. 1/243 of a dollar to each.

  • John O’Connor

    It seems a little convoluted for the extra step, but at least I won't necessarily have to rely on my square card reader (and lose money in fees) for those friends/family who owe me money and always never have the cash.

    "If I can get to an ATM I would gladly pay you back." or something to that effect.

    "O RLY?!" Hold on I can take debit or credit cards through my phone. Hmmm

    Perhaps if they allowed the CASH app to work with existing card readers, (fees waived of course) it may make the process a little smoother.