Square Beefs Up Cash App, Speculation Swirls

Updated from 12 p.m. to include additional information on the board in the 12th paragraph.

NEW YORK (TheStreet) -- It's been a busy week for San Francisco-based Square. With the company reportedly prepping for an IPO, it's likely to get even busier.

First, the company announced a major deal with Whole Foods (WFM), putting Square Stand and Square Register in certain Whole Foods Markets stores around the country. Then, the company celebrated its fifth anniversary, and now it's adding a new feature to Square Cash to make sending money even easier.

The company received approval from Apple's (AAPL) App Store and Google (GOOG) Play to introduce a new feature that allows people to request money from either a person or a group in seconds. Square Cash was announced in October, and allows people to email others, requesting and receiving money, free.

Square Stand, which was unveiled last year, is already used in seven Whole Foods Market stores around the country, including stores in Austin, Texas, New York City, Florida and the San Francisco Bay Area.

"The new request feature makes it effortless to collect money -- staving off those awkward conversations about unpaid debts with friends and colleagues," the company said in a press release. "With Square Cash, anyone can now request money for everything from concert tickets and fraternity dues to class field trips and vacation rentals."

All customers have to do is put in the various email addresses, cc request@square.com, put the dollar amount in the subject line, and hit send.

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