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Apple Pay Cash leads Consumer Reports' first payment service test
Peer-to-peer mobile payment services are all the rage these days (eMarketer expects a 24 percent jump in US adoption in 2018), but which of them is actually the safest to use? Consumer Reports might have an idea. The publication has conducted its first head-to-head test of payment services, and it's clear that some services are better picks than others. While all of the payment platforms were "good enough to use," Apple Pay Cash was the victor due to its stronger-than-usual privacy and security.
Snapchat ends its peer-to-peer payment service on August 30th
Snap's one-time hope of becoming a major player in money transfers has come to an ignominious end. The company has confirmed to TechCrunch that it's discontinuing its Snapcash service on August 30th. While it didn't say what would happen to users' accounts, it promised that they'd receive notifications through both the Snapchat app itself as well as the support website. It's sad news if you're a frequent Snapchatter who used the feature to cover your share of restaurant bills, but you could see this coming given the competition and Snap's own fortunes.
Square tests buying and selling bitcoin inside its payment app
Square Cash moved beyond sending money in February 2016 when it started letting users store their funds in account reserves, digital wallet-style. Starting today, you can use the service's mobile app to stash another type of currency: bitcoin. But only select users are seeing the feature.
Facebook Messenger's money transfer tool is heading to the UK
Back in 2015, Facebook introduced the ability to send money to friends through Messenger and now it has brought that capability to UK users. It's the first time Facebook has launched the feature outside of the US.
Square's personalized prepaid card is available to everyone
Digital payment service Square has been inviting customers to sign up for its prepaid debit card since May, and is now opening up the program to everyone. On Thursday, the company announced the Square Cash Card is available to order via the Square app or website.
Square chief teases a smart debit card
Square Cash's virtual payment card might not be quite so virtual in the future. Company chief Jack Dorsey has teased a strange, all-black Visa debit card that Recode suspects is really a physical Square Cash card. A Square spokesperson declined to comment, so take this with a grain of salt, but there's evidence to suggest there's something to this teaser. You see, Square seriously considered a payment card back in 2014 -- the company is no stranger to exploring the concept of a real-world card that draws from online funds.
Square Cash plugs its virtual card into Apple Pay
The Square Cash service added a "virtual debit card" feature back in September, and tonight during the Code Commerce event, CEO Jack Dorsey announced that it's integrating with Apple Pay. The virtual Visa debit card lets Square Cash users spend their balance anywhere Visa is accepted (legitimately), and starting today, its iPhone app can enable the card for use on Apple Pay too. If you're not using an iPhone or Apple Watch, Dorsey said that the company does have plans to support other platforms like Android Pay and Samsung Pay.
Square's money-sending app now holds on to your cash
Square Cash is all well and good if you want to send money to someone right away, but what if you want to set something aside for later, such as paying back a friend? You're covered after today. Square has updated its Android and iOS apps to introduce the optional Cash Drawer, which holds on to the money you receive in one handy place. In other words, it's a bit like PayPal and other digital wallets. You can withdraw money whenever you need it, and you'll soon have the choice of adding money from your own bank account. And don't worry, this is optional -- if you use Square Cash precisely because it's not a go-between like PayPal, you can carry on as usual.
You can now send money to friends with your Apple Watch
If you've ever wanted to quickly send money to a pal to cover your share of the restaurant bill, you can now do so with your Apple Watch. Square has just updated its iOS Cash app -- which lets you send money to anyone via email or text -- so that it also loads on the wearable from Cupertino. Simply enter in the amount you wish to pay in increments of $1, $2, $5, $10, $20 or $100, tap in the appropriate contact info, and your friend will get her money back in a matter of seconds. The Cash app can push payment request notifications to the Watch as well, which you can accept or deny right from your wrist. Aside from just email and text, you can also send money to folks via Bluetooth LE (just like its phone counterpart) as long as they're in range. So now that you can settle your debts without having to take out your wallet and your phone, there's no excuse to skip out on paying up -- especially if you've got the cash to plunk down on a pricey smartwatch in the first place.
Square releases Square Cash iPhone app
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 "cash@square.com." 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.
Square Cash lets you send money over email, now open to US residents
That Square Cash service that was unveiled as invite-only about five months ago? Well, it's officially open to the public. As of now, anyone can send cold hard cash to anyone else just with a regular ol' email address -- well, an address in the US, anyway. To send money, simply send an email to the recipient with "cash@square.com" in the CC field and the dollar amount in the subject line. If you and your recipient are new to the service, you'll both get an email from Square with a link to a secure website where you can enter in your debit card number. After that, those funds will be transferred in one to two business days. Once your debit card account is set up, any subsequent cash transaction will go through automatically. The service is absolutely free to send and receive, though you're limited to sending only $2,500 a week. Though you only need email to send and receive cash, the folks at Square are also releasing a Cash app for Android and iOS that essentially acts as a shortcut to the service. Once you enter in the dollar amount in the app, it kicks you over to email to complete the process. Brian Grassadonia, Director of Products at Square, told us that Square Cash solves the problem that has historically plagued the status quo when it comes to peer-to-peer payments. "You no longer need to remember to log in to an account to send or receive money," he said, giving examples of friends dealing with a bar bill or parents sending money to their kids in college. "This is so easy and lightweight that any time there's an opportunity to send money, you don't have to think twice -- you just do it." The service is only available for US residents for now, though the company has said it's open to exploring opportunities in other countries in the future. So sorry, moochers, now there's no excuse for you not to pay your pals back ever again.
Square Cash appears on invite-only site, lets you send money with an email
Square's been venturing beyond those tiny credit card swipers as of late. Last week, the company introduced its nifty $299 Stand POS system for iOS, and now it appears to be branching out to individuals, with a to-be-announced service called Square Cash. There's not much info to share at this point -- TechCrunch recently discovered a dedicated landing page for the new service, which looks to be invite only at this point. There does seem to be an option to request an invitation, but the button isn't properly linked, so we weren't able to make our way to the proper form in order to take a closer look. A handful of help articles do shed some light on the service, though. To send money, you'll simply send an email to your recipient with the dollar amount in the subject line and "pay@square.com" in the cc field. Once your friend or associate receives the email, they'll type in the debit card account number of their choosing and Square will fund the associated checking account within 48 hours. Each payment costs just 50 cents to send, and there's no cost to receive -- it's not quite clear whether or not you can use a credit card to fund the transfer, but with fees of less than $1, we imagine you'll need to use a checking account. Square has yet to formally introduce the service, but we're guessing an announcement will be coming soon.
