Square Enables P2P Transfers via Email with No Sign-Up or Fees
Oct. 17, 2013
Square this week has joined a growing list of companies enabling people to send money to one another via email. To use Square Cash, the company said customers simply have to compose an email to the recipient with a copy addressed to firstname.lastname@example.org and the amount in the subject line. If it’s the first time, the sender will receive an email asking him or her to enter a debit card number to fund the transfer. Recipients also will be asked to enter their debit card and the money is transferred directly into their bank account in 1-2 business days.
“Square has always believed in creating solutions for individuals and businesses that work with the tools they already have in their pocket,” said Square Cash lead Brian Grassadonia. “Square Cash makes it convenient to send money to anyone—without making them jump through hoops to retrieve it.”
There is no sign up and no fees associated with Square Cash and, according to a Square spokesperson, customers are limited to sending $2,500 per week. The company also said the service will work from any mail client (contrasting with Google Wallet, which is enabling a similar service through Gmail only). In addition to being able to send on any device, Square also developed iPhone and Android apps that will email a payment as well.