With Square Cash and a debit card, you can send money to a friend by writing a simple email. Square has released Square Cash Tuesday” The new service is one of the most convenient way to send money to your friends and acquaintances. Imagine that you are at lunch and someone asks you to borrow money, or that you are collecting money for a group activity that requires a deposit on booking, people can pay you right away since they can do it with their smartphone. No more chances to forget to do it. The plus value of Square Cash is clearly convenience. And the service is free.
How does it work?
The recipient doesn’t need to create an account or you to sign in to a Web site to use Cash. All you need is an email account and a debit card to be able to send money to someone. Square Cash will ask you to link a debit card to the transaction. The recipient will receive an email telling them how they can deposit the money to their bank account. The money should be in their account within two days. As a parent, I can imagine many occasions where I would prefer to use Square Cash instead of writing a check. Paying for an activity at school is just one of them.
Besides convenience, the main advantage is that I won’t need to ask my friends if they have a Paypal account to send them money. I am sure that they will appreciate that the money is directly deposited into their bank account, instead of a Paypal account.
The big question for Square Cash is if people will trust them enough to use the system. Since Square Cash is only available in the United States for the moment, I have the time to see how secure it is before I am able to send money by email.