Cash Via Email

The market for online payment systems is estimated to be about $1 billion per year, and is expected to reach more than $50 billion per year by 2017. Although most of these transactions are conducted using mobile devices, a new service called SquareCash makes it possible to forward money to family and friends quickly and easily just by sending them an email. Here’s how it works…

Compose an email to the person who will be receiving the cash with the amount in the subject field and a copy to cash@square.com. You will receive a request from Square to provide a link to the debit card from which the money is to be deducted. The recipient will receive an email from Square with a link to deposit the money into their account via their debit card. The transaction takes one to two days. The service is also available as an iOS or Android app.