A person-to-person payment method called Square Cash has surfaced on Square's website, less than a week after Google announced similar capabilities through Gmail and Google Wallet accounts.
Square Cash is currently available by invitation only. Users would send the recipient an e-mail with a dollar amount in the subject line and copy email@example.com as a second recipient, according to a demo animation on Square's website.
When recipients get these e-mails, they would respond by linking a debit card for Square, which would place the funds in the checking account linked to that card within 48 hours. Those who receive money cannot send money without invitation from Square.
The sender receives a receipt and can cancel the payment, as long as the recipient hasn't redeemed it, by clicking a link within the confirmation e-mail, Square says. Each payment carries a 50-cent fee for the sender.
"We're excited to share Square Cash with our friends. We'll continue to invite others to try it out in the coming weeks," Square representative Lindsay Wiese said in an emailed statement.
TechCrunch spotted the new Square Cash system May 20, saying the product indicates that person-to-person payments is "officially hot again."
The Square website also provides details regarding security measures, refunding Square Cash or changing debit card accounts.