Cash transfer can be an annoying process, especially if certain banks charge ridiculous fees. Square is a company based in San Francisco that's looking to change this with its new service and app.
The app can send a money request to friends who owe you some cash, and individuals can also use it to send money to people. After going to the service, individuals must email the person who they are doing the transaction with, cc Square and also put the amount of money in question in the subject line. Whoever gets the email just puts in their debit account, and the money is either inputted or sent out, depending on the nature of the transaction.
Apparently this way of cash transfer is perfectly safe. One thing is for sure: it's certainly a great way to follow up with friends who owe you money!
What Makes This Trend Stand Out
- Mobile Money Transfers
- As more people adopt the use of cash apps like Square, there will be an increasing demand for more mobile money transfer options.
- Social Payments
- The convenience and ease of using services like Square for person-to-person payments will drive the growth and innovation of social payments in the financial industry.
- Fintech Disruption
- The introduction of user-friendly fintech apps is disrupting the traditional banking industry and creating new opportunities for startups and innovators.
Sectors Adopting This
- Mobile Payments
- Square's new cash transfer service highlights the potential for growth and innovation in the mobile payments industry.
- Peer-to-peer Lending
- The rise of cash transfer apps like Square presents an opportunity for the peer-to-peer lending industry to expand and offer new services.
- Digital Banking
- In the era of user-friendly fintech apps like Square, digital banking companies have the potential to disrupt the traditional banking industry.
