Square has just launched a new service called Square Cash, which allows quick money transfers between any two parties using through an email. Contrary to what you might be expecting, you don’t need to sign up or get all of your friends onto Square Cash to share funds. Instead, you just need to link a debit card to your account.

Once you’ve done that, sending an email to any contact with a dollar amount in the subject line and adding cash@square.com in the CC field will allow the recipient to collect the money with one or two business days. Once you’ve linked a debit card to your account, money can also be deposited to that card whenever your friends transfer money to you. The payments are processed for free through Square.

You can get started with Square Cash through the iPhone app, which is available for free on the App Store.

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15 Responses to “Square launches Square Cash, allowing money transfers between anyone through email”

  1. Dan Jurak says:

    Payments are processed for free? What’s the catch? There’s always a catch.

    • pbranham says:

      I believe the catch is that it’s a debit card… the reason there are fees for normal Square transactions is because those are credit card transactions and they have to recoup some of the fees charged by the CC companies. Debit card transactions, it would appear, have no institution fees.

  2. My bank’s app allows me to do this as well as via SMS or even Facebook. The recipient follows a link, supplies their bank details, and bang the money is transferred. No need for a third-party solution. This is in New Zealand.

  3. weirdastic says:

    Even if I attach some cash with the email, how is it going to be redeemed by the recipient! Will the link then be directed to my secure 3D Pin confirmation?

  4. DWolla does this instantly, there is no 2 day waiting period.

  5. Soluble Apps says:

    Might be north noting, this is US-only

  6. Every company seems to be attempting to create a fast mobile payment system. However it seems like the institutional limitations on the quickness of moving money is going to stop any of these from becoming really successful. I think eventually mobile payments will go toward bitcoin as it increases in popularity and people see the advantages of instant payment, nearly no fees, and no institutions controlling your funds. It will do to monetary transactions what email did to written communication. It also doesn’t require any divulgence of personal information.

  7. I am wondering what would happen if someone would fake the email message from address… I don’t know if this is still the case, but it used to be very easy to do.