January 9, 2015
The iOS version of the Square Cash app has been updated recently to incorporate a long overdue feature. Now you can authenticate money transfers using Touch ID, Apple’s biometric innovation. Square Cash, Venmo’s competitor, acts as a free-of-charge remittance app. Square Cash users, using iPhone 5S and later models, will be able to make use of the seamless biometric feature by updating their apps.
Since its launch, the peer-to-peer money transfer app offered security in the form of a passcode lock and 128-bit encryption. The new add-on layer of security is the right move for Square, keeping up with the current trends in biometrics technology adoption. Square Cash’s competitor Venmo already integrated Touch ID in November last year while the PayPal iOS app is poised to integrate it soon. Along with the Touch ID integration, Square Cash is also offering a cash bonus to promote its adoption. Now you can get a $5 bonus for each successful referral to the service.
Apple’s Touch ID has witnessed wide-scale adoption in many use cases like unlocking device, payments authentication and others. Banks, fintech and commerce companies have been actively making use of the seamless biometric tool. This is the first time that Square has adopted Touch ID for one of its apps even though Square Cash has been rolling out updates from time to time to bring in new features. In October last year, Square Cash adopted the use of BLE (Bluetooth low energy) technology for its money transfer service.
The Touch ID integration would further help in uptake of the app with respect to its competitors. Since the launch of Touch ID back in 2013, Square founder Jack Dorsey has been all positive on the technology. It was therefore expected that Square would adopt the technology sooner for its solutions. The popularity of the Apple Pay payment system has shown how effective Touch ID can be in authenticating payments.
Money transfer apps have been quite popular among payment services. The current popularity of Square Cash is now clear, but the adoption of secure and market oriented technologies like Touch ID will surely help Square Cash gain more confidence among those looking to adopt money transfer apps.