When it comes to sending money digitally, technology has advanced somewhat in recent years and allowed this particular market to move forward. Now, sending and receiving money has never been easier whether for personal or business use and the newest free cash app looking to take advantage of this is Square Cash. After launching in March 2015, this money transfer app has very quickly become a favourite for many and can now be found on the App Store as well as on Google Play.
Square Inc, a financial services and mobile payment company, has struggled in recent years after seeing a couple of their developments failing and so decided to take it back-to-basics which they have done with this payment app. The money app is completely free and allows money to be sent from one account to another; no complicated add-ons, just a simple application that is meant to make lives easier.
This money transfer app goes up against some big names in the market, such as Google Wallet and Venmo, but seems to compete well due to its sheer simplicity. All users can be kept secure by providing the last four digits of their Social Security number and then setting an upper limit on the amount of funds that move on a weekly basis; this cap is $2,500 which is smaller than competitor’s caps but is still enough for most personal accounts and even some businesses. Square Cash has been described as an extension of the debit card rather than a virtual wallet and this isn’t too far from the truth, quick deposits and withdrawals to a bank account make moving money simple.
However, if it is a virtual wallet you are interested in this is still available in the ‘Cash Drawer’ feature. The Cash Drawer allows you to hold money for any length of time meaning that it is there to use whenever necessary and only goes into your bank account when you give the go-ahead. Furthermore, sending money online to friends has never been easier as all it takes is a look through the contacts; if the person is in your contacts, you can send them money. What if they don’t have Square Cash? You can ask them to sign up and all referrals earn $5 for both parties involved.
What makes the Cash App unique?
So we have compared this app to the other cash apps on the market but are there any features that make it truly unique? Yes, all users will be given a ‘$Cashtag’ which makes sending money even easier; no email address is necessary, as long as the payee has your $Cashtag, they will be able to send you money and vice versa (if you have their $Cashtag).
As it has only been on the market for a year, there are likely to be some upgrades in the time ahead but Square Cash has made a solid start and the company seem to have chosen wisely this time round. Its simplicity and ability to link to Apple Watch will almost certainly draw in users and who knows, the $Cashtag could soon be sweeping the world!