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.
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 [email protected]. 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.
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."