Updated release of app redefining mobile payment services
Cash is free to use in all 50 states. The Cash App, that is, a product by Square Inc. which makes it easy to send and request money from friends or colleagues. The app, like many mobile-payment services that will eventually endanger the wallet, makes transferring money online fast and simple. It allows people to text or email money without even setting up a username or password. With Paypal and Venmo as payment sharing competitors, Cash seems to be the most efficient, all-in-one system to use.
Square Inc., the San Francisco-based company founded by Twitter co-founder/creator Jack Dorsey in 2009, has transferred hundreds of millions of dollars from customers within under twelve months.
To process a payment with Cash App, users simply need to link up their debit card information to the app, and enter the amount they’d like to pay or receive. Although the recipient doesn’t need the app to get a notification, they must also enter their banking information for the transfer to work. Once both people are in the system, the money should transfer through to their bank account within minutes. Depending on the banks services, however, it could take more time to process.
Once your entire network of friends join the system, the dread of splitting bills and cab rides will cease to exist. Cash streamlines the payment collection process into one step for individual payments up to 25 people. If you need to get your money back on a bill you accidentally overpaid, you can always issue or request a refund. In that case, it’s up to the original sender to transfer the money back once they’ve received the notification.
From aggregated user data, Square saw Cash payments occurring across cities nationwide, which suggest people use the app for large scale payments. In a world where families exist on opposite ends of the country and holidays are planned months in advance, Cash could prove to be the best option to make the ‘I Owe You’ obsolete.
If you owe someone a dollar, Square will text you one to try out the service.