Square Debuts Square Cash Service, iPhone App

[MacRumors]

Square today opened its Square Cash service to the public, allowing users in the United States to send money using just an email and a debit card. The service is designed to be simple, and money can be sent by sending an email to the intended recipient with a dollar amount in the subject line and cash@square.com in the CC field.

To go along with the service, Square has released a new Square Cash iOS app, designed to simplify the process even further. After installing the app, it can be used to enter a dollar amount, which is then automatically entered into an email template to complete the money sending process.

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.

Users that are new to the service will get an email from Square that includes a link to a secure website where debit card numbers can be entered. An account only needs to be set up once; after a debit card is stored, it can be used for each transaction. Payments take one to two business days to clear, and Square Cash is free for both senders and receivers. There is, however, a $2,500 per week sending limit, and the service is limited to users in the United States.

Square Cash can be downloaded from the App Store for free. [Direct Link]

Article Link: Square Debuts Square Cash Service, iPhone App

 

[mrfletch]

I believe the sender is charged $0.50 per transaction.

Sending $10 actually charges $10.50 to your account if I recall correctly.

 

[joelisfar]

Seems strange how this has nothing to do with cash as in paper money. I guess they're trying to make people forget about that.

 

[cgriffis753]

not showing up

this isnt showing up for me weird...

 

[polymersayb]

I believe the sender is charged $0.50 per transaction.

Sending $10 actually charges $10.50 to your account if I recall correctly.

The website claims it's free, and FWIW the temporary charge on my card is exactly $2 (not $2.50). It was $0.50 in the beta I think (I checked it out a little while ago but didn't know anyone to hook me up). I guess this is a loss leader to advertise their register? Well I'm fine with that. I'm fine with $0.50 as well if they want to charge in the future.

 

[liavman]

What is the user experience on the receiving side? You are supposed to give your debit card ( which is linked to your checking account ) to them to receive the money into that account?

( also, this scares me a bit. If it is made too easy for me, it is also too easy for fraudsters. I do not have any protection if my debit card is stolen ( on the credit card side, any liability is borne by the bank). If someone transfers money out, it is upon me to fight for that to be reversed etc )

 

[adammusic]

assuming this won't be possible to use on ebay? since ebay just bought paypal?

 

[patent10021]

Man, if this goes G7 and beyond.

 

[jayducharme]

Secure. Your financial information is entered through a secure connection and kept private.

Yeah, I've heard that before....

I do not have any protection if my debit card is stolen ( on the credit card side, any liability is borne by the bank).

That's my big concern as well. I'd feel more comfortable if the account was tied to my credit card, not my debit.

 

[2457282]

This could be huge. If this goes beyond the US, this could kill Western Union which charges huge amounts for immigrants that send money to their families abroad. Square has already proven itself as being secure in the money transaction handling, so I don't see security as a big problem.

 

[fhall1]

assuming this won't be possible to use on ebay? since ebay just bought paypal?

just??? ebay bought paypal in July 2002!

 

[macsimcon]

It's probably free because..

..they claim it takes 1 to 2 business days for the money to be received, and in the meantime, Square gets to make interest on the money.

And if this kills PayPal, that would be awesome. Yet another Elon Musk failure down the drain. Good riddance!

 

[MBHockey]

Venmo doesn't charge anything. why would I switch to this app/service?

Edit: sorry if I misread. Is this free to use or not?

 

[rgctx]

You technically can only load funds through your debit card if your getting a refund from a merchant, so say someone sends you $20, there is no possible way SquareCash can load that $20 to your debit card.

After further research it seems you must link a Debit Card & Bank Account in order to use the service.

My guess is that if there is a dispute over a charge were someone sent you money, that they have a extra funding source to get the money back from your account.


I can just see a can of worms here, someone can hack into your email account, take it over and send money to themselves.

 

[Menel]

You technically can only load funds through your debit card if your getting a refund from a merchant, so say someone sends you $20, there is no possible way SquareCash can load that $20 to your debit card.

After further research it seems you must link a Debit Card & Bank Account in order to use the service.

My guess is that if there is a dispute over a charge were someone sent you money, that they have a extra funding source to get the money back from your account.


I can just see a can of worms here, someone can hack into your email account, take it over and send money to themselves.

gmail.com or outlook.com 2way authentication greatly reduces hacked email accounts.

----------

..they claim it takes 1 to 2 business days for the money to be received, and in the meantime, Square gets to make interest on the money.

And if this kills PayPal, that would be awesome. Yet another Elon Musk failure down the drain. Good riddance!

I get negative vibes from your first paragraph, and positive from the second... confused.

1-2 days to transfer is typical transfer time between institutions. Square may not be holding on to it at all.

Even if they are, making interest for 2 days. Are you saying thats bad? They are offering a service, that might or might not be revolutionary, and they are doing it at no cost to users. Why can't the fund themselves this way?

Least it's not like gmail that scans all your email for building an advertising database of your interests.

 

[liavman]

..they claim it takes 1 to 2 business days for the money to be received, and in the meantime, Square gets to make interest on the money.

Since the service is free, I wondered about where the money is for a viable business model. Is that interest on that 1 or 2 day holding period big enough to sustain the service? Just curious.

 

[Xerotech]

An invitation to the black market for a new method to steal money.

 

[disinfectant]

No thanks. Venmo already has this covered.

 

[mrfletch]

My mistake, it looks like they're no longer charging $0.50 per transaction like they were during the beta. Happy cashing