To compete with Paypal, Square has opened its e-mail-based money transfer service to users in the United States. This service goes along with its existing in-store and mobile payments services. They started the beta in May and the company is now releasing a pair of apps for iOS and Android that perform the same type of transaction as the e-mail version.
If you want to send money through Square Cash, you have to send an e-mail to the person who will receive the payment, with the amount being paid included in the subject line, and the e-mail “email@example.com” as a recipient in the CC field. New users on either end of the transaction will get an e-mail notifying them to set up an account with an existing debit card. Once you do, the payment will transfer over within two business days. Users are limited to a maximum of $2,500 in transfers per week. The app version asks for a dollar amount then transfers the user to the device’s e-mail client for the rest of the transaction. Just like Pay-pal but in email.
They are hoping to take some business away from other payment systems like PayPal, but since the system relies on a relatively insecure messaging system, many users might not be interested. The service will have to prove it is secure enough.
Source ElectronistaFiled Under: Technology News