Cash, at least in its physical form of paper and coins, is starting to take a backseat in a digital world were a lot of transactions, from purchases to money transfers, are all taking over the Internet. Square is taking this concept one step further by launching Square Cash which will allow users to send and receive money through one communication channel that almsot everybody already has: email.
Convenience is the key benefit of Square Cash, and it probably is the only benefit that it needs to sell the service, as anyone who has had to deal with hard cash problems may be able to testify. According to Square, Square Cash will help do away with the long bank or ATM queues, checks, fees, or even forgetful or lazy friends. All it takes is one or two emails and, of course, a debit card account, not to mention the willingness to do all that over the Internet.
The process is indeed very simple the way Square puts it. The Square Cash customer, the one who needs to send money, simply needs to write an email addressed to the recipient, CC’ed to firstname.lastname@example.org, with the dollar amount, prefixed with the dollar sign, as the email subject. No sign up is required but for first time customers, they will receive an email asking for a debit card to fund the transaction. On the other end of the line, the recipient simply needs to enter his or her debit card once where the money will be sent. The transfer of money is direct from one bank account to another with no intermediate account storage involved.
Square Cash will work with any e-mail client on any platform or device. But to make life even more convenient, Square has developed a Square Cash app for Android and iOS as well which puts Square Cash right on their home screen. The service, however, is available only in the US.