What if you could send your sister $2,000 via email, completely for free? That’s what Square is trying to accomplish with their new endeavor Square Cash.
How it works: Send an email to a friend or family member with your debit card details and with the subject line stating the amount. Be sure to cc email@example.com. When the recipient gets the email, they enter their debit card details and the transaction is performed, no further moves needed.
Currently, Square Cash offers this service to U.S. residents only. You can send up to $2500 a month and up to $250 a week. You can also set up notifications on your smartphone for when money is given and taken as well. It’s assumed that Square Cash will eventually make money off of ads like everyone else in the tech business, but for now you won’t be charged for the transactions.
However, Square Cash gives up all liability when it comes to fraudulent transactions or reimbursements. Let’s hope these kinks will get worked out, and this method of wiring money will become the norm in the future!
Source: The Finanser