Square Further Hits PayPal With Launch of Square Cash

NEW YORK ( TheStreet) -- Square not only is serious about the way merchants get their money from customers, but also about the way people send money over the Internet, attacking a platform held by eBay's ( EBAY) PayPal and Google ( GOOG) Wallet.

Square introduced Square Cash, a service that allows users to simply send an e-mail to a person they're paying. All a person needs to do is put the email of the person they're sending money to, then Cc the e-mail address cash@square.com, and in the subject line, put the dollar amount of cash to be transferred, then hit send.

After the recipient enters their debit card number, the money is then transferred directly to their bank account.

Square Cash, which is available only in the U.S. now and is invite-only, is free to send and receive and offers no signup process, unlike PayPal, which lets users create a PayPal account - users must then transfer money from their PayPal account to their bank account.

At its I/O Developer conference earlier this year, Google announced a similar feature, allowing users to send money via their Gmail account.

"Square has always believed in creating solutions for individuals and businesses that work with the tools they already have in their pocket," said Square Cash lead Brian Grassadonia in the press release. "Square Cash makes it convenient to send money to anyone--without making them jump through hoops to retrieve it. Now it's easier than ever to split a bill, send a birthday gift, or settle up with a friend, no matter where you are."

Square noted that Square Cash works with any e-mail client, including Gmail, Yahoo! Mail, Mac Mail, Android Mail and Outlook, and is accessible on desktop and mobile devices. There's also an app for both iOS and Android.

-- Written by Chris Ciaccia in New York

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