Square has released a big update for its Cash app this afternoon, bringing it to version 2.0. The app, first released in October of last year, facilitates the quick transfer of money from one user to another via e-mail, and today’s update makes the process even faster.
The UI for sending and contact screens has been optimized in Square Cash 2.0, making it easier to send money, and you can also now add notes to your payments. But perhaps the biggest addition in today’s update is the ability to send cash to anyone via text message.
Writing for The Wall Street Journal, Walt Mossberg said that “Cash is the quickest, simplest method I’ve seen for sending money from one person to another,” and I’d have to agree. After downloading the app, you’re literally able to send off money within seconds.
Users have the option to setup their bank account during the initial launch, or after sending/requesting their first payment, and it’s a one-time ordeal. Deposits take 1-2 days to clear, and there’s a $2500 per week limit. Everything is protected by 128-bit encryption.
Rounding out the 2.0 update are new profile and push notification options, and a promotion that offers $1 when someone you invite via text message joins up. If you’re interested, the Square Cash app, like the service, is completely free and available in the App Store.