Square, the company best known for their mobile payment devices, is launching a new money transfer service. Unlike most services, however, users won’t have to register or sign up to use Square “Cash”. To transfer money, users simply send an email to their desired recipient (with the dollar amount as the subject), and CC the address “email@example.com”.
Square will follow-up with the sender via email, asking them to link a debit card. Once that’s done, the recipient will receive a link allowing them to deposit the money into their bank. Square says the deposits happen within 1-2 business days. The screenshot below is from Square’s website, showing the three step process:
“Cash” is being offered as a completely free service, presumably to familiarize customers with the Square brand. Square is also offering native iOS and Android apps, making the service even simpler to use.
The bank Simple recently debuted a similar service aimed at simplifying money-transfers. Simple’s offering only works between Simple customers however, and is based off Bluetooth LE, meaning both people must be in the same location. Square’s offering seems to be aimed at longer-distance transfers, and places no restrictions on bank type. It serves as another example of the growing importance of mobile-payments. As consumers gain easier access to such services, businesses will need to incorporate them into their operations, or risk being left behind.