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Is the Monopoly Over: Paypal Has a Competitor Named Square Cash

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Techie Whispers: The Monopoly is Over – Paypal Has a Competitor Named Square Cash

Welp, Paypal’s reign of monopolizing the pay by e-mail realm is over.  A new company named Square Cash has entered the building.  They even had the audacity to make things easier.  How does all this work you ask?  Well my fellow Whisperers, it goes a little something like this:

1.  To send money, draft an email with the recipient’s address in the ‘To’ field.

2.  Enter ‘ ’ in the ‘Cc’ field.

3.  Type the payment amount in the subject line and add a note in the email body to inform the recipient of what the payment is for.

4.  Click send. Square Cash  lets their users send up to $250 a week to any email address, and any email provider.

A. To receive money, recipients have to ‘Redeem’ the payment before the money is wired to their account.

This requires recipients to also sync a card with Square Cash to received funds, yet this only needs to be done once.

Check out the screen shot:

Sqaure Cash  This makes me go hmmmm  (why does this say 450 is being sent when the limit is $250 per week?)

Their is no need to sign up and manage an account each time.  If a user hasn’t sent or received Square Cash before they will be prompted to link a debit card.

Once added, the cash will be sent automatically and an email or text message will be sent to confirm the transaction.  Once the email is sent, the payment is made automatically and users get an email receipt each time they send money.

Square was founded in 2009 by Twitter co-founder Jack Dorsey.  Oh the timing twitter has….  The founders of Instagram are about to go bat ish crazy.  The good folks at Twitter  must have said eff it, let’s show these copy cats how to really parlay ish…..bish.

I know you have to be worried about it safety and I am too.  They feel that they have taken the proper measures to insure that these transactions are safe.  Hence their statement:

‘To protect Square Cash senders and recipients, payment information submitted by our customers is encrypted and submitted to our servers securely, regardless of whether you’re using a public or private WiFi connection or a data service on your phone.

They say they conform with Payment Card Industry Data Security Standards (PCI-DSS).  Square Cash ‘verifies each Square Cash email to make sure it comes from a legitimate sender’ and monitors activity to check for any suspicious or fraudulent behavior on an account.

And what would a they be without email alerts? Users can link a mobile phone number to their account to get text receipts.  If a payment is sent by mistake it can be cancelled, as long as the payment hasn’t been redeemed.

Someone asked what if someone used your email account to fraudulently send money?  How does a thing like that happen?  Who forces money on someone fraudulently?  Don’t worry, I’ll wait.  At any case, they urged you to make sure your email address is secure to it’s maximum ability.

A person would have to have the capabilty to get into your email address to make anything happen.  Oh, there are also Android and iOS Square Cash apps available too.  So what are you thinking Whisperer’s?

Their website is still under development, but it does exist.  I think they are going to need a lot of people to help convince them of this new technological move.  No word on what they charge for each transaction either.

 

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