On October 15, Square, the U.S. company, presented a new way of sending money, by email, the Verge reported.
To send funds, all you do is compose an email to an addressee and key in the amount you want to be transferred. If you use the service for the first time, you are directed to Square Cash website, where you should type in your debit card number. After this manipulation, the email is delivered to the addressee who is allowed to take the money in any convenient form. The debit card number is linked to your email address.
Moreover, Square is debuting its own iPhone and Android apps. You enter a sum, confirm an addressee name, and the money is transferred.
The Verge said that Square Cash will compete with PayPal, Venmo, and Google Wallet. Among the advantages of Square Cash are user-friendliness and a “direct” transferring procedure, which does not require opening a new account.
Presently, Square Cash is available only in the U.S. The program is free of charge, but every test transaction was for $0.5.
