The US based payment service provider, Square has launched a new service, Square cash which allows the user to send money through emails to a person debit card. At present under testing, the company is providing Square Cash services only in 44 cities of US and the service is only on invite basis.
To send money, the user just need to send a normal mail to the receiver with the $ amount in the subject line, also sending a copy to square email address. Once the receiver gets the mail, he can directly enter his debit card no. and receive cash without even a square account.
The funds will appear in the checking account within 48 hours. At present, credit cards cannot be used for availing this service. Also, only the persons above 18 years age can use this service.
The service costs $0.50 for the sender with a weekly transaction limit of $1000. However it’s free for the receiver. Also, on every transaction, each user will get a receipt. The sender can also cancel the payment, by clicking a link within the confirmation email received only if it hasn’t yet been redeemed by the recipient.
The other players in this segment include Google which recently introduced Google Wallet alignment with Gmail earlier this year. It allows users to send money to their friends within Gmail. Also, If a user requires to do payments with Paypal, the leader in payment service provider stream, he would require a paypal site or mobile apps for transaction. With reference to these, the service seems quite simple and unique.
Founded in 2009 by Jim McKelvey and Jack Dorsey , San Francisco based Square is a revolutionary service that enables anyone to accept credit cards anywhere. Square offers an easy to use, free credit card reader that plugs into a phone or iPad with easy sign up and no requirement of complicated contracts, monthly fees or merchant accounts.