Group payments made easy with a new peer-to-peer transfer system.
Square, the San Francisco-based mobile payments company, has just announced a new service that lets people send money to each other through email. The peer-to-peer payment service works with any email client, and even has a feature that allows you to request money from multiple people for concert tickets, vacation rentals, and other group events that can leave you owing friends and colleagues.
The new service is straightforward to use, all you have to do is send an e-mail to the person you want to pay – just make sure the amount is specified in the subject line, and Square is cc’d on the email (firstname.lastname@example.org). The recipient then enters their debit card number, and the money is directly transferred to their bank account.
You can also request money from friends and family (up to 25 people) by cc’ing email@example.com. The feature will keep track of who has paid and who hasn’t, streamlining the collection process for large groups.
Square also created an app for iOS and Android, which gives customers easy access to the feature on their home screen, and allows them to send e-mail payments from a simple, customized interface. Just to point out, so far the service is only available in the United States.
Compared with wire transfers, and other methods of payment that often incur hefty charges, Square Cash stands a good chance of attracting a loyal fanbase. Customers don’t even have to create an account to use the service, which gets rid of any feeling of being locked in as well.