Square Cash is a new, free service that allows users to send money through email. With a limit of up to $2,500, the program requires a sender to compose an email, cc firstname.lastname@example.org and enter the amount you want to send. There are no extra fees or steps aside from linking a debit card to your account through the Square website and hitting send. It’s a simple, one-step process. The funds are deposited in the recipient’s linked account and available in one to two business days.
Square Cash is primarily an email based system, but Square has developed an iPhone and Android app which opens a keypad that allows the user to enter in the amount they wish to transfer, and the app automatically places the amount into an email and cc’s email@example.com for them.
Product manager Brian Grassadonia told The Verge:
"We haven’t created any intermediate stored-balance accounts, which have plagued person-to-person payments solutions...People don’t want their money in a secondary holding account. I want it where I use it: in my debit account. That was one of the principles of the product."
The company promises the system is “100 percent secure. Nobody is going to get taken advantage of via spoofing." While they have yet to explain what their exact security measures are, they guarantee they have built the program with those concerns in mind. “The idea with this product is to reduce all anxiety for the sender,” states Grassadonia.