In less than a year, the people in US have sent and received hundreds of millions of dollars over email using Square Cash

Square Cash, a person-to-person payment service Square launched in October 2013, has been redesigned to allow app users to initiate transfers and requests from the phone’s contact list, and it lets users add a profile picture and track past payments.

Square releases and update version of Cash, its free app for sending and requesting money, that has the ability to simply send or request money from everyone in your adress book using just their phone (or email address), even if the recipient doesn’t have the app.

Once a user has linked their debit card to the app, they can send money to a mobile number. The recipient gets a text informing them of the news and providing a link so that they can register their card so that the money is deposited straight into their bank account.

„Cash also features a refreshed design, the ability to keep track of payments and requests via push notification, and a new profile feature for linking all of your email addresses and phone numbers to your account.”, according to Square press release.

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Square is offering a $1 bonus to users who sign up their friends, according to Square’s listing on the App Store.

To use Square Cash as an email service, senders compose a message to the recipient and to „cash@square.com,” with the dollar amount listed in the email’s subject line. After this message is sent, the recipient would also get an email explaining how to enroll a debit card account to receive the funds. As of a February update, users could also request funds by sending an email and copying „request@square.com” as a recipient.

In less than a year of service, people have used Cash to send and receive hundreds of millions of dollars, with more than a quarter of all Cash transactions being sent across city and state lines, Square said. Cash is free to use and available în all 50 states.

„The majority of people who use Cash receive funds în their bank account within minutes – ready to spend – with no fees.Some banks can take between 1-2 business days to deposit a payment”, according to the press release.

„People use the free Cash app to pay for group vacations, dinner bills and even tosend fund for back to school supplies, meal plâns and texbook. Cash also enables anyone to request money even from up to 25 people at once, streamlining payment collection for sports teams, parties and events by helping groups easily manage their money”, Square says in a statement.

Founded in 2009 and headquartered in San Francisco, Square is currently available in the United States, Canada and Japan.
Square is one of several companies casting fresh attention on person-to-person payments.Google added the ability to send funds as email attachments last year; and PayPal has begun incorporating technology from Venmo, which it obtained through last year’s acquisition of Braintree.