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Square Cash Enables Online Shopping Through Virtual Visa Debit Cards

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Original poster
Apr 12, 2001
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In its 2.13 update yesterday, mobile payments app Square Cash introduced the "Cash Virtual Card" into its iOS app, letting users create a virtual Visa debit card that lets them spend their Square Cash anywhere that accepts Visa online (via Recode).

Square Cash users can check out at retailers like Amazon, for example, and simply enter the card number for their virtual card during the check out process. The company is also reportedly working on making the new virtual payments compatible with Apple Pay and Android Pay, "making it possible to use Square Cash funds to tap and pay in stores that accept mobile payments."

The obvious question is why someone would choose to use a Square Cash account -- either in a store or on a website -- instead of their regular debit or credit card. A spokesperson cited push notifications triggered by purchases -- something that some services like Apple Pay already employ -- as well as easy-to-browse digital receipts as potential incentives.
The update brings Square Cash a little closer to PayPal in functionality, but users on Square Cash are relegated to spending money only within the app's account and are unable to draw from funds in their back-up bank accounts. With PayPal, if users over-spend the funds in their account, the app will fall back into the attached bank account to make up for the difference.

Square Cash is also changing up how instant deposits work in an attempt to make more money from each transaction on the app. Now, users who receive a payment can withdraw the money to their bank if they're willing to pay a one percent fee for the same-day withdrawal. If not, the money will be deposited in their bank on the next business day for free. The monetization of its withdrawal service is an attempt by the company to catch up to more popular mobile wallet apps.

Users can create their virtual Visa card within the Square Cash now, only needing to enter a billing address to associate with the card to get things started. The Square Cash app is available on the App Store for free. [Direct Link]

Article Link: Square Cash Enables Online Shopping Through Virtual Visa Debit Cards
 

Fall Under Cerulean Kites

macrumors 6502
May 12, 2016
272
851
WTF did I just read? I know I’m not as young as some here, but ….. what was all of this gibberish? Virtual visa cards? Square cash? Huh?
 
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J4B3

macrumors regular
Mar 18, 2012
200
23
Gamma Quadrant
This is interesting, are the virtual Visa card disposable?

If they are, that would be useful anytime you want to use a "less than secure" site to buy something.
 
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ArtOfWarfare

macrumors G3
Nov 26, 2007
9,058
4,994
This is interesting, are the virtual Visa card disposable?

If they are, that would be useful anytime you want to use a "less than secure" site to buy something.

There's a prominent "cash out" button. I would think that's how you immediately remove all money from one virtual card so that you can get a different virtual card.
 
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vajon

macrumors newbie
Jan 21, 2013
14
5
This is interesting, are the virtual Visa card disposable?

If they are, that would be useful anytime you want to use a "less than secure" site to buy something.

But for this there is already a service with disposable virtual cards

Privacy.com does that

Card is disabled after one use
Or you can use it multiple times if you wish

You can pause the card too any time if you don't want to have unexpected charges on it
 
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acegreen

macrumors regular
Jun 25, 2015
170
210
This is interesting, are the virtual Visa card disposable?

If they are, that would be useful anytime you want to use a "less than secure" site to buy something.

As far as I can tell, you can create and delete these as you wish. So yea would work well in a less-secure environment
 
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ipedro

macrumors 603
Nov 30, 2004
5,444
6,550
Toronto, ON
So, if I understand this correctly, Square Cash enables you to hold money in a Square account? Does that mean that someone can opt to use Square as their main bank account?

I'm looking forward to not having to deal with traditional banks. I invoice my clients through Square and love the company. The next step would be to just keep my money there and use ApplePay to spend money.
 
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rmbpuser

macrumors 6502
Sep 1, 2012
295
135
Can I use the card to get a free month on Netflix then dispose it get a new one and get another free month of Netflix then dispose that one get a new...
 
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Sill

macrumors 6502a
Nov 14, 2014
759
500
i use square cash daily. Love it! It's so nice since no one carries cash.

Careful with the blanket statements... I carry cash, so do many of the thousand or so people that I know. Lots of people still like the privacy of cash, and disposable VISA gift cards for everything one can't use cash on.
 
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Reason077

macrumors 68020
Aug 14, 2007
2,485
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The obvious question is why someone would choose to use a Square Cash account — either in a store or on a website — instead of their regular debit or credit card.

The obvious answer is that nobody wants poker sites, or porn sites, appearing on their regular credit card statement where their wife will see them! Isn't that what virtual debit cards are for?!
 
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galrito

macrumors regular
May 4, 2010
128
106
This is interesting, are the virtual Visa card disposable?

If they are, that would be useful anytime you want to use a "less than secure" site to buy something.

We have these virtual Visa cards in Portugal for some years.
Yes, they are disposable.

There are two types of virtual cards:
  • One-time only, where the card can be used once and it is discarded;
  • Merchant card, where you can give a timespan for the card (say, six months) and can only be used on the same vendor.
In both cases, they only work to buy online and must have a currency limit.

They're more secure because you are giving the vendor a temporary card number.
 
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Reason077

macrumors 68020
Aug 14, 2007
2,485
1,242
There are two types of virtual cards:
  • One-time only, where the card can be used once and it is discarded;
  • Merchant card, where you can give a timespan for the card (say, six months) and can only be used on the same vendor.

Virtual cards are available that have neither of these restrictions.

For example: entropay.com - I've been using them for years.
 
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Icaras

macrumors 603
Mar 18, 2008
6,198
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Square team doing big things. Once officially integrated into iMessages/Siri, it will continue to grow in popularity.

The potential is huge for sure, but what about Apple? I was thinking what if Apple just integrated Apple Pay within iMessage themselves?
 
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mattopotamus

macrumors G5
Jun 12, 2012
13,894
4,441
Careful with the blanket statements... I carry cash, so do many of the thousand or so people that I know. Lots of people still like the privacy of cash, and disposable VISA gift cards for everything one can't use cash on.

I think you get the idea. Very few people carry cash, definitely young people. If we all order lunch, it is easy for one person to pay and everyone to square them.
 
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hmark8

macrumors 6502
Jun 17, 2009
314
411
Can I use the card to get a free month on Netflix then dispose it get a new one and get another free month of Netflix then dispose that one get a new...

Except Netflix can easily see your address is the same and thus block it as well as you would need to create a new account each time losing all your previous viewing data.
 
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galrito

macrumors regular
May 4, 2010
128
106
Virtual cards are available that have neither of these restrictions.

For example: entropay.com - I've been using them for years.

Yeah, but these sites are not connected to my account's debit card, unlike MBnet (the system we have in Portugal that I mentioned in my previous post). MBnet was created by a consortium of all banks operating in Portugal, so they all have it integrated with home banking and ATM machines.

The fact that these MBnet's virtual VISA can only be used one time is not a restriction, is a feature.
 
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