Square Cash lets you swap dollars via text message

Late last year, Square introduced a service called Cash that lets you send money to anyone in the US with just their email address. You could either do so with a regular ol' email app -- simply CC in an email to the recipient with the dollar amount in the subject line -- or you could download the Square Cash app to make the process easier. With the latest Cash app update, however, there's a special bonus feature if you decide to use the app to send money -- you'll be able to send money with their phone number as well.

Just enter in the number manually or you can let the app access your contacts list. If the recipient is new to Square, they'll get a text message with a link to a secure website where they can enter in their debit card number, after which the money will be transferred in just one or two business days. We should note that the recipient doesn't need the app to get the money, and that it's completely free to send and receive.

In addition to this new feature, the app has been redesigned so that you now have access to your transaction history and will be able to track payments and requests via notification. Plus, you'll now be able to link all of your email addresses and numbers to a Profile account so it's that much easier for folks to send you funds.

Square tells us that since Cash's release last year, hundreds of millions of dollars have been transferred using the service. A spokesperson told us that around 70 percent of people used the app instead of just email, which of course means that a majority of folks used their phones to initiate transactions -- adding text messages as a way to send money seems like a natural addition to the process. The app is free and is available in both iOS and Android stores right now.

[Image Credit: Getty/Don Bayley]