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Square turns on money request app

Square Cash, a new money request feature from mobile POS provider Square, allows users to request money from other people or groups by using the Square Cash app or by sending an email.

The Square Cash app is available for iOS and Android devices. The service was first launched in October 2013 and has been used to send millions of dollars each week, Square says. Now Square Cash has been made available for general use. However, it can only be used within the U.S., Square says.

Square Cash allows users to send and receive money without signing up or creating an account. However, senders and receivers of funds need to link a debit card with Square Cash. Senders have the option of turning on a security code requirement, making it necessary to enter the card’s three-digit CCV number every time money is sent with Square Cash via the app or email.

Funds sent via Square Cash are not held in a stored balance account, but deposited directly into the recipient's bank account.

The request for cash can also be sent to a group of recipients, and the sender can check in on the status of requested payments to see who has paid and who still owes money.

Read more about money transfers.