Square opened up its Square Cash service to the public today, after spending several months in beta. The service allows users in the United States to send money to one another using nothing but an email address and a debit card.
The service is easy to use. Transactions are free, and there’s no need to setup an account to process them. Money can be exchanged by sending an email with a dollar amount in the subject line and [email protected] in the CC field…
In addition to Square Cash, Square also launched a companion iPhone app that makes using the service even easier. Open it, input the amount you wish to send on the keypad, and the app will automatically fill in your email for you.
“Send money to anyone with an email address. It’s fast, safe, and free!
No account needed. Just securely link your debit card to start sending money. It’s free to send, and free to receive money directly to your U.S. bank account.
Secure. Your financial information is entered through a secure connection and kept private. You can confirm or reject any transfer.
Fast. Money automatically deposits to your bank account within 1-2 business days.”
Once the email is sent, new users will receive an email from Square with a link to a secure website to enter their debit card information. It only needs to be set up once, and then the card can be used in all of your future transactions.
Again, Square Cash is totally free to use. It’s only available for US users though, and it seems there’s a $2,500 weekly limit. But other than that, there’s not much to it. If you want to try it out, you can find the app in the App Store for free.