The app now allows you to send and request money free of charge from any of your phone or email contacts via text message. Other changes include a faster and simpler interface, address book importing, user profile pictures, and a text-message or push notification request approval system. In addition, a new rewards system transfers $1 to your account every time someone you invite via text signs up for Cash.
Square said that in the last year, users have sent and received millions of dollars on Cash, with more than a quarter of transactions being sent over city and state lines. While Cash is designed to be a peer-to-peer money transfer app, it also allows you to request money from up to 25 contacts at once, facilitating streamlined collection for birthday parties, sports teams and other event groups.
Cash has set itself apart in the competitive mobile payment space by not charging fees for every transaction and not requiring a special account. As noted by TechCrunch, estimates surrounding Square’s financial model for the app suggest that the company loses as much as 25 cents per user transaction.