Square may be making it even more convenient for its users to send payments.
The payment services company’s latest release of its mobile payment app, Square Cash, has now reached the Apple Watch, enabling users to send payments right from their wrist.
“Square Cash for Apple Watch streamlines payments by enabling customers to easily send money using virtual stacks of cash in the form of $1, $10, $20, $50, or $100 bills with just a few simple taps on their Apple Watch,” the company said in a statement announcing the launch yesterday (Aug. 18).
Just like the Square Cash mobile app for iPhone, Square Cash for Apple Watch allows users to send money to those nearby via Bluetooth LE technology. The Apple Watch version of the app also comes equipped with actionable notifications that provide the ability to approve or reject payment requests right from the watch.
Launched in 2013, Square Cash is often compared to PayPal’s Venmo service, as both aim to provide a quick and convenient way to send and receive payments.
But with Square Cash, consumers can claim a unique and personalized $Cashtag, allowing payments to be received both online and offline.
$Cashtags work by automatically setting up a simple payment page based on the name provided, as long as it starts off with a dollar sign. Once visitors hit the page, they are asked to enter card information (as well as personal data like a name, address and telephone number if they’ve never used the service before).
The company recently announced the expansion of Square Cash for Business, enabling businesses to create a Square Cash username (or $cashtag) with the goal of helping small businesses and service providers swap out card payments or paper checks.
Square is charging businesses and nonprofits 1.5 percent per transaction for Square Cash payments – which is a fair clip below the normal 2.75 percent that Square charges. This lower rate reflects that debit payments on the whole are cheaper to process than credit payments. This also counts on businesses to use the Cash Pro system as opposed to using regular Square Cash, which comes without a processing fee.