Square, the company that made it possible for anyone to take a credit card payment from his or her smartphone, is now making the process of transferring cash as easy as sending an email with a new service called Square Cash.
To start, users simply send an email to the person they wish to pay, put the amount in the subject line and cc "Cash@square.com." The sender then receives an email prompt to enter his or her debit card information while the user on the receiving end will be prompted to enter his or her debit card PIN. Like most other bank-to-bank transfers, the process takes one to two days.
Square says Square Cash is free to use. For now at least it appears that Square is targeting individuals with this service, not businesses. But the service could evolve over time, a Square representative says.
"Square Cash makes it convenient to send money to anyone -- without making them jump through hoops to retrieve it," Square Cash lead Brian Grassadonia says in a statement. "Now it's easier than ever to split a bill, send a birthday gift, or settle up with a friend, no matter where you are."
The new service works with messages sent from any email client, whether from a desktop or mobile device. Square has also created apps for iPhone and Android that allow users to keep Square Cash right on the home screen.
Square first emerged with a credit card reader that made it possible for anyone to accept credit card payments on their smartphone. Since then the company has created several other tools including Square Register, Square Market and Square Stand to help entrepreneurs address their commerce needs.
For now, Square Cash is only available in the U.S. but many of Square's other services are also available in Canada and Japan.