Square, the popular mobile credit card reader company, has launched a new service called “Square Cash.” Square Cash allows users to send cash to a friend simply by plugging in an e-mail address. Square did not provide many details about the service, but we should hear more about the service soon.
You can even send money directly to a person’s debit card even if they are not signed up for Square. They will be given a hyperlink that attaches a debit card with their first received payment according to TechCrunch.
Invites for the service are controlled by the company. The help page for the service indicates that the sender will be charged $0.50 per transaction and will be free for the recipients Both the sender and receiver will get a receipt.
Square said that “Square Cash is the easiest way to send money to anyone, using just email and your debit card.”
Square has been making some big announcements this month. A few days ago, Square announced a new $299 card swiper for iPad Registers called Stand. The company also revealed plans to launch a local recommendations engine sometime in the near future.
Square also announced recently that they are processing $15 billion in transactions on an annualized basis ($41 million in payment volume per day).