Square’s not just for businesses apparently, as an invite-only page for a product called “Square Cash” has popped up. Not many details are known about it, but we’ve reached out to the company for comment.
UPDATE: A Square representative sent us the following statement on Square Cash: “We’re excited to share Square Cash with our friends. We’ll continue to invite others to try it out in the coming weeks.”
The splashy animated page shows an email to a friend with a $25 payment, with a Square email address in the CC line:
This approach is similar to other personal payment solutions, like Venmo and PayPal. Google wants you to send payments to people via Gmail and Wallet. Even Visa got into the act at one point. You can view the page right now, and that’s it. Sending money to friends is a social experience that really hasn’t been cracked yet, and it makes complete sense that a service like Square step up to take the crown. The space is officially hot again.
The page promises that you can send money directly to someone’s debit card, even if they’re not signed up for Square. They’ll be given a link to attach a debit card with their first received payment, which serves as a fantastic way to onboard new Square users:
The invites are being controlled by the company, not even allowing you to enter your email address. There’s also a help page set up for the “Cash” product already, sharing that it will cost the sender $0.50 per transaction and will be free for recipients. You’ll both get receipts for each transaction. The company says on the page: “Square Cash is the easiest way to send money to anyone, using just email and your debit card.”
The company just announced a new, pretty iPad cash register for businesses, but Square clearly wants to be in all of our pockets…and bank accounts.
While it’s hard to decrypt CEO Jack Dorsey’s tweets and vines, Square Cash might have been the reason for this recent little celebration:
Celebrating an excellent little something. vine.co/v/b9JqebYq1wj—
Jack Dorsey (@jack) May 20, 2013
We’ll let you know when we get our invites, but it seems like those close to Square and Twitter are getting first crack:
Just tried Square Cash. This is cool shit. square.com/cash—
Wayne Chang (@Wayne) May 20, 2013