Square Debuts New Email Payment System 240
cagraham writes "Mobile payment company Square — best known for their smartphone credit-card swipers — has launched a new payment service called Square Cash. The service doesn't require users to sign up or make an account. Instead, they just email the person they'd like to transfer money to (with the amount as the subject), and CC 'cash@square.com.' Square asks the sender for their debit card info, and then sends a link to the recipient, who can transfer the money into any account they want within 1-2 business days."
Bitcoin (Score:5, Informative)
Re:Really? (Score:4, Informative)
You don't send your account details in the email. They give you a link where you go to provide the details.
Ridiculous that it takes a 3rd party (Score:5, Informative)
Why does the US have such an antiquated banking system? Hell, a lot of places still need checks because they won't take plastic!
I've had bank accounts in the UK, Australia, Germany, Canada and the US.
Canada is basically the US in this context..banks are no better. They do have email money transfers though.
Which is something every other damn country has. A way to transfer money between bank accounts of individuals securely and free. The only option in the US has been paypal or chase quickpay.
Not to mention the reliance on checks (ridiculous!) and the problems with ACH fraud. Again, in no other country has my account number been secret information which I have to protect. The worst thing people could do is put money into my account.
So many issues....
Re:Ummmm... (Score:5, Informative)
You shouldn't send that kind of account info by email.
Re:Really? (Score:5, Informative)
RTFA. "If this is your first time using the service, Square will email you a link to its service, where you’ll be asked to enter your debit-card information."
Re:Ummmm... (Score:5, Informative)
You don't send account info via email. Read the article, or even just the summary more carefully.
Re:Sorry, what? (Score:5, Informative)
I have sent you $50! (Score:4, Informative)
Simply click this link and input your debit card details! I promise nothing bad will happen.
Tested it myself, screenshots. (Score:3, Informative)
Send an email to her composed as such:
To: girlfriend@gfmail.com
Cc: cash@square.com
Subject: $5
Body: Ladida whatever
She received the email, and immediately afterwards we both received an email stating I was sending her funds.
My Email: http://imgur.com/f264wIG [imgur.com]
Her Email: http://imgur.com/F8GhpJ9 [imgur.com]
When I hit the link card button, it brought me to a secure site and asked for my debit card #, expiration date and zip code. No name or anything else.
Once I filled in the info and hit confirm we both received another round of emails.
Mine: http://imgur.com/vDFnETA [imgur.com]
Hers: http://imgur.com/nEaJdd5 [imgur.com]
She clicked on the link to deposit cash and was given the same screen asking for a debit card number, exp. date and zip code. Nothing else.
After she confirmed, another round of emails went out.
Mine: http://imgur.com/4shFvyz [imgur.com]
Hers: http://imgur.com/88Xprw4 [imgur.com]
The charges appeared instantly on our two accounts as follows.
Mine: http://imgur.com/bNHDB5u [imgur.com]
Hers: http://imgur.com/Pz6V7On [imgur.com]
I sent another $5 to her account to catch screens from the website. Turns out when you're already linked an account to your email, you just get an email asking to confirm instead of having to relink your bank account. Once you hit the confirm button, money is sent.
My confirm email: http://imgur.com/vxoiS7t [imgur.com]
She received an email waiting for me to confirm and an email saying that funds were deposited with the same text as before. She didn't have to do anything for the second payment and it was deposited into her account once i confirmed.
There were no charges or fees at all.