Square Cash Adds New Way to Pay
Fresh on the heels of reports that it has received a $6 billion valuation, Square has announced a new feature to its payments app, Square Cash.
The feature allows users to send or request money using Bluetooth Low Energy technology. Anyone nearby will be able to tap a name or photo on their device to make a payment.
The technology works whether or not that user knows the other person’s contact information. Square says that this will make paying for things like tickets, dinner bills, work outings, and sporting events easier than ever before.
Available on iOS 8, the app will enable customers to choose to make themselves visible to people around them, or to stay private. Bluetooth LE means customers will be able to see anyone visible within 250 feet. Payments can be approved or declined with a simple swipe of a push notification.
The Cash app is completely free and users are able to instantly send and receive payments directly into their bank accounts. The app has been available for over a year, and has already processed hundreds of millions of dollars in payments, The additional feature will help Square compete in the evolving mobile payments landscape.
Square recently raised $150 million in a new round of financing designed to give it the capital needed to compete with new offerings from the likes of PayPal and Apple Pay.
Although Square has said it will accept payments from Apple Pay, it was unclear if that ability would be available through the Cash app.