Square has released its new Square Cash iPhone app that allows you to send money to anyone with an email account. The iPhone app is a companion app to the new Square Cash service that lets you send money simply by typing an email.
Anyone may compose a new email to the person they want to send money to, putting a dollar amount in the subject line (for example, "$50") and CC the message to "firstname.lastname@example.org." If it's your first time sending money, you'll then get an email with a link to where you can store your debit card info. Your recipient will get the money within two business days.
The companion Square Cash iPhone app shortens the time you need to spend composing emails by allowing you to quickly tap in the dollar amount of what you want to send. It then fills in an email template for you. All you need to do is add your recipient's address. From the app's release notes:
Send money to anyone with an email address. It's fast, safe, and free!
No account needed. Just securely link your debit card to start sending money. It's free to send, and free to receive money directly to your U.S. bank account.
Secure. Your financial information is entered through a secure connection and kept private. You can confirm or reject any transfer.
Fast. Money automatically deposits to your bank account within 1-2 business days.
Right now Square Cash is only available for users in the US and has a US$2,500-per-week sending limit. Square Cash is a free download.