To use the Square Cash on the Apple Watch, the user first needs to download or update to the latest Square Cash app for iOS. There are no charges to download and no transaction fees for transferring funds between friends or family. The Square Cash Watch app has been designed in such a way that the users find it easy to transfer funds by using virtual bills representing $1, $10, $20, $50, or $100. For example, if someone wants to send $41 to his peer, he can simply tap the $20 bill twice and the $1 bill once, and the fund will be transferred.
Square’s mobile payments app is called Square Cash. It was introduced in 2013 as the fastest, easiest way to pay anyone and let people forget about checks and other traditional methods. Square Cash lets users leverage BLE to make payments to anyone nearby. The app can detect other Square Cash customers within 250 feet of the sender or recipient.
Square Cash also includes the ability to swipe a push notification to approve and reject a payment request. The app also provides a privacy feature which enables customers to choose to make themselves visible to others or stay private. The app provides an effective P2P payments platform and only requires your debit card information. This makes it easier for mobile payment enthusiasts to pay each other for tickets, restaurant bills and in many other social scenarios.
We send and receive money from our friends and family every now and then. These transactions are made through cash, checks and bank transfers most of the time. Nowadays, it is Venmo, Square Cash and Google Wallet transfers.
The step taken by Square is logical as the friend-to-friend mobile payments arena is getting crowded, and to be on the top, it needs to see the opportunity to expand and grab it. Square is the first to make it onto the Apple Watch.