26
Aug
squarecash

Mobile technology has done a lot to simplify life in many ways, which includes sending money and paying bills. As much as it sucks to hand over all those moneydollars, Square's Cash app eases the pain a little bit by making it a painless process. Today's update brings the app up to version 2, which adds a handful of new features and improvements.

Everything is better in Cash 2.0!
  • Send cash to any mobile phone number via text message.
  • Faster, optimized sending interface.
  • Import your address book for quick contact selection.
  • Add a note to your payments.
  • Choose push notifications, text messages, or email notifications.
  • Manage all of your email addresses and phone numbers in one place.
  • Quickly approve incoming requests from a push notification or text message.
  • Invite friends via text message and get $1 when they join.

1 2 3

Cash: Making it easier to subtly nudge your roommates to pay rent since...whenever the service started.

Those are some pretty handy improvements, and certainly welcome additions for everyone who currently uses the app. Those who don't, however, can find it at the widget below to start sending (or receiving) money today.

Cameron Summerson
Cameron is a self-made geek, Android enthusiast, horror movie fanatic, musician, and cyclist. When he's not pounding keys here at AP, you can find him spending time with his wife and kids, plucking away on the 6-string, spinning on the streets, or watching The Texas Chainsaw Massacre on repeat.

  • lulz_deliver

    It also makes stealing users money even easier.

    • Bo

      Care to explain?

      • Lexster

        Maybe because if you get ahold of someone's phone, you could enter your own number and send money to yourself? But, then...there's an option to require the number on the back of the card before money can be sent, so...I dunno what they're talking about.

        • firesoul453

          On top of that they would have to have downloaded the app and have used it atleast one, and even then since USA bank accounts require SSN you'd get caught and that money plus the cost of the phone is probably a felony.

          And a use can always add a password to their phone if they think someone might borrow it and put it back.

          • Lexster

            Yeah, I think he was just trolling, hence his username and icon.

          • firesoul453

            Ah I never pay attention to such things

  • Nick Yarosz

    I use square cash all the time and am in love with it's speed and simplicity. After the first transaction goes through, I've noticed that subsequent, incoming transfers happen within as little as 15 min, even though it's an advertised 1-2 business days. (It works so well, that I use it with two Square Cash accounts to transfer my cash/check deposits from my local bank over to my online-only bank when I can't wait for ACH)

    • http://bit.ly/11F2eas Philip Cohen

      And what do you think that Square is using? Would you believe, ACH!

      • Nick Yarosz

        Sorry Philip, but you are incorrect :) Square does not use ACH, but instead uses some pretty sneaky reverse engineering to issue a refund to your debit card for the amount you are sent. You can read more about it here: http://jonbwhite.tumblr.com/post/66853226398/how-square-moves-cash

        • http://bit.ly/11F2eas Philip Cohen

          So, if the funds ultimately are sent to a bank account, what's the difference between supplying a debit card number or a bank account number for such deposits (not withdrawals)? None that I can see. And what if you don't have a debit card but use only a credit card to make debit purchases? And how does Square access the funds to be sent? Not by debit card, because they don't have the PIN, or if its the likes of a DEBIT MasterCard then there are discount fees to be paid; so we are back to ACH again, and ACH debits are not "interactive" and can be reversed the following day by the bank if there is an insufficiency of funds ...

          Indeed, there is effectively no difference between crediting a debit card number and a bank account number.

          ePayments—The Reality ... http://bit.ly/1nSA1Zl

          • Nick Yarosz

            I think there is a difference, and it's the only one that I really care about: Square completes the end-to-end transaction via debit card refund in a matter of hours at best and 1-2 days at worst through the least amount of steps, and my bank or another service completes the end-to-end transaction via ACH in 3-5 days in more steps. I don't really care what you call it, Square is doing it simpler and faster than traditional methods, and IMO, even better than other "new" payment services like PayPal, Google Wallet, etc.

          • http://bit.ly/11F2eas Philip Cohen

            “Square completes the end-to-end transaction via debit card refund …”

            Again I ask, how are the payer’s funds sourced by Square? And how does it work if the payee does not have a dedicated debit card? I’m waiting …

            Square is not a licensed financial institution; they operate their bank-to-bank transactions via a licensed retail banker; the only way for such third parties to source funds from any real bank is via ACH, unless they want to pay the discount fee on a credit card transaction.

            So, I am afraid you are deluding yourself—there is effectively no difference between a bank account number and a debit card number (the funds finish up in the same account), except that in the case of the debit card you are involving a middleman (Square) to “push” the process.

            My experience with internet banking is that credit transactions between accounts at the same bank are instantaneous; if they are between different banks, the accounting occurs the following week-day.

            If your bank is so slow, maybe they are still sending transfers via snail mail; maybe you should look for another bank.

            ePayments—The Reality ... http://bit.ly/1nSA1Zl

          • Nick Yarosz
          • http://bit.ly/11F2eas Philip Cohen

            And that is the best you can do, or get from Square's Dept of Spin?

  • Brian Koppe

    Serious question: What's the benefit of using this over Google Wallet, other than the fact Square's app seems to have a somewhat simpler design?

    EDIT: I guess there's send-by-text-message, but is that really so much better than send-by-email?

    • Nick Yarosz

      I think there's a decreased amount of friction for the end user. It doesn't matter if they have a Gmail account or not, all they need is ANY email address + ANY debit card. I feel like Google Wallet may have more prerequisites? Yes/no?

      • Nick Yarosz

        Also, and probably more importantly, money sent over Google Wallet sits in the recipients "Google Wallet" balance, before needing to then be transferred into a bank account which takes an extra step, and an extra few days. Money sent over Square is directly deposited into the recipients bank account.

        • Brian Koppe

          Good point. I should have thought of that as someone who went through that process just yesterday!

        • http://bit.ly/11F2eas Philip Cohen

          Agreed; eBay's clunky "PreyPal" does the same thing with all receipts being held in its "pretend" bank; and it is fiddly then getting the funds out of "PreyPal" and into your own bank account ...

          ePayments—The Reality ... http://bit.ly/1nSA1Zl

    • Ilyas Robert C

      This was my same question when reading this

  • firesoul453

    I used to use paypal and it was a massive headache this is 1000 times better atleast.

  • http://bit.ly/11F2eas Philip Cohen
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