Square has upgraded its Square Cash P2P payment app with the ability to send payments via text messages, and raised the ante in its competition with PayPal-owned Venmo, according to VentureBeat.
Before the update, Square Cash payments and requests for payment had to be made by e-mail. The new feature lets the e-mail address be replaced by a mobile phone number. The payment or request shows up in a text message with a link to a payment page. There’s no fee for a debit transaction.
In both cases, to complete the transaction, both users must have a Square Cash account linked to a debit card. But Square has focused on making that process — and the actual transfer — fast. Venmo, which has a one-touch user interface and lets funds be sent directly from a bank account, isn’t workable if both payer and receiver aren’t already on the system.
In the case of Square Cash, would-be users who aren’t registered but want to send money are directed them to an outside app payment page. Requesting a payment doesn’t even require connecting with Square Cash online or in app. “You can send a request from any e-mail address simply by sending to the person, CC’ing request@square.com and putting the dollar amount in the subject line,” the company told VentureBeat.
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