Square Cash stays competitive by adding in an archaic feature
Okay, archaic might be a tad strong, but Square’s Cash app has been up against growing competition from the likes of PayPal and its sister company Venmo, that the addition of paying by text keeps it in the game.
Now, with this update, people can send money or request payment from anyone in their address book by just using their phone number alongside their email address. A text is then sent with a link to the payments page where a person can then pay.
It certainly isn’t very new, nations like Kenya and Bangladesh have well-known and fine-tuned networks for mobile text payments. However, the US doesn’t really have this network in place at all, so in doing so Square has made its Cash app invaluable for some people who may not have the likes of PayPal accounts or bank accounts to attach to everything.
Venmo is still quite stiff competition to go up against. It’s simple, fast, effective, and makes payments social – thus increasing the amount of purchases that are made. However, if you’re not a member then you can’t send or receive payments with a friend.
Square Cash, on the other hand, is open to all, and focuses on speed of transaction over anything else. And, if you want to receive a payment, you don’t even need to venture online to claim the money.
Previously money could only be sent and requested by email, so this just opens up Square Cash to more people now.
Not bad really…
Got any thoughts on how Square Cash can further improve it’s offering? Let us know in the comments.