Square Cash, the new app on Apple Watch, make fund transfer easy with a few taps

By MoneyTimes

Aug 20, 2015 07:41 PM EDT

Taking mobile payments a step further, a new app on Apple Watch called 'Square Cash' enables transfer of funds among the users for free of cost. Without using your wallet, one can pay mobile payments using Square Cash on Apple Watch.

The just released Apple Watch-compatible app Square Cash requires just a few finger taps to transfer funds to whomever the user wants to send. The Square Cash app for iOS is free downloading and is free from transaction fees if the transfer is to family members or among friends.

Square Cash has been developed by Square, the maker of the easy-to-use credit card reader for businesses.

Square Cash is loaded with several denominations of virtual bills including $1, $10, $20, $50 and $100. If you need to pay $41, you have to tap on $20bill twice and $1bill to make it $51 payment transfer. 
If your friend, relative or a family member needs funds transfer from you, he can send a request to you via Apple Watch and Square Cash lets you know through a notification from the sender. 

Square Cash is considered to be more convenient to users for making funds transfers. Square Cash has been updated it peer-to-peer payment iOS app compatible to Apple Watch.

Square Cash made its debut in May this year for business funds transfer and subsequently it's been expanded for making payments promptly. The expanded version of Square Cash enables customers pay for business transactions very easily without using their credit card or debit card or any other tangible modes of payment. 

Apple's foray into wearable business segment is transforming the industry through Apple Watch. This has further been strengthened with Square Cash app. Using Apple Watch, there wouldn't be any need for consumers to take out their smartphone for making payment. Just raise your hand, look at the wrist and a few taps on it. Your payment is done. Money has changed the hands with few taps on Apple Watch on your wrist.

Square Cash is already on its way of transforming the mode of mobile payments in millions of transactions via iPhone, iPad and Android devices. Square Cash is widely used for mobile payments among buyers and sellers as it enables to use free credit card reader for iPhones, Ipad and Android products. 

Another advantage of Square Cash app is its Bluetooth LE technology that enables users to identify cash users within 250 feet radius. Using this app, one can also collect money from other users nearby.

Square Cash will have to face competition from other modes of payment apps developers. It has competition from players such as PayPal and Venmo. Facebook, Twitter and Snapchat have already launched money transfer facility on their social networks.

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