By: Vivian Le
In May 2011, Square, Inc. released their Square Register application, which allows individuals to accept debit and credit card payments from their iPhone, iPad, or Android. Now, they are slowly releasing a new product called Square Cash. This product will allow users to email money to anyone’s debit card for a fee of $0.50.
Square, Inc.’s recent development isn’t anything new. PayPal users are able to do the same thing, without the fee. Other companies, such as Venmo, Stripe, and even Google also have similar services.
Although there are companies offering the same services, this new product could potentially expand the company by having more people link their bank accounts to Square. Who wouldn’t want to open up an email with money waiting for them?
However, only a select few have been chosen to participate during the testing period. According to this article, employees of Pinterest, Box.com, and Twitter are the only ones that received invitations for this round. According to the Square Cash Help Page, you must receive a payment from someone to get invited to use the application.
News source: AllThingsD