Cash App Powers Hundreds of Millions of Dollars in Payments
SAN FRANCISCO - Aug. 26, 2014 - Just in time for Labor Day weekend and back to school, Square releases an updated version of Cash, its free app for sending and requesting money, that makes payments even faster and easier. The update adds the ability to simply send or request money from everyone in your address book using just their phone number (or e-mail address), even if the recipient doesn’t have the app. Cash also features a refreshed design, the ability to keep track of payments and requests via push notification, and a new Profile feature for linking all of your email addresses and phone numbers to your account.
In less than a year of service, people have used Cash to send and receive hundreds of millions of dollars – with more than a quarter of all Cash transactions being sent across city and state lines.
[Map of Square Cash payments from a 24 hour period in August, 2014]
People use the free Cash app to pay for group vacations, dinner bills and even to send funds for back to school supplies, meal plans and textbooks. Cash also enables anyone to request money, even from up to 25 people at once, streamlining payment collection for sports teams, parties, and events by helping groups easily manage their money.
The majority of people who use Cash receive funds in their bank account within minutes - ready to spend - with no fees, or the inconvenience of a secondary account balance. Some banks can take between 1-2 business days to deposit a payment.
Cash is free to use and available in all 50 states. Visit www.square.com/cash to learn more, or download the free Cash app from Google Play or the App Store.
About Square, Inc.
Square helps anyone take care of their business. Square's complete register service is a full point of sale with tools for every part of running a business, from accepting credit cards to sales, inventory tracking, and small business financing. Customers also use Square Order, a new way to pre-order food and drinks for pickup and individuals use Cash, the easiest way to send and receive money. Founded in 2009 and headquartered in San Francisco, Square is currently available in the United States, Canada, and Japan.