Payments company Square today released a new version of its Cash app just in time for the Labor Day weekend and back to school season. The app has a basic purpose, send or request money. The aim is to make it easier for users to make payments faster and on the go. With this particular update the Square app gets the ability to send a request for money or send money itself to everyone in the address book, all that’s required is the phone number or email address, it doesn’t matter if the recipient has the Square app or not.
Previously it was only possible to use this peer-to-peer money transfer app for sending cash by punching in an email address. Now though the money can be sent over text messages as well, a feature that was previously unavailable in the Square Cash application.
People who do receive money via Cash find it deposited in their back account “within minutes,” so claims Square. Once its in their bank account its ready to spend, but that depends upon banks, some might up to two days to clear the payment. No fees are involved.
Square Cash 2.0 app also gets a refreshed design which now offers users the ability to track payments and request through push notifications. The updated app is now live for the iPhone.