Niche services have been around for a while that provide ways of easily sending money through email, but no mainstream company has decided to jump into the fray until now, with the reveal of Square Cash.
Square Cash has been developed to simplify bank transactions through email, something that is a real pain for people who want to settle money on a one-to-one basis without going through PayPal or their bank account.
The user simply inputs the amount they want to send and it attaches to the email. The receiver gets the email with the money attached and if they have Square Cash they can send it to their bank account.
It is a middle-man for a growing problem and we may see Gmail and others implementing this on a first party basis, meaning Square Cash could be destroyed before too long.
For now, it is a clever way to send money to any email contact. Security may become an issue, we will have to see how well Square implements their service for users. Square has currently set a $2,500 limit per week, an easy budget to stick to for small type transactions, but not great for businesses.
Square is currently known as one of the largest makers of smartphone swipe cards and they sell these to merchants, one of the biggest buyers being Starbucks.
Their CEO, Jack Dorsey, is also a co-founder of Twitter and seen as one of the most influential entrepreneurs in Silicon Valley. This move into easy payments through email has been discussed before, but Square may be the guys to really make it possible and easy.