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Square Cash - Email money to anyone’s debit card

squareup.com

31–40 of 77 posts

Re: Square Cash - Email money to anyone’s debit card

#31
post #30

There are many key attributes of cash that this system, despite it's ease of use, ignores. I rarely try to be pedantic, but two fundamental attributes of cash is that it can be used without a transaction record and often anonymously. Can this system?

This is clearly a "we were out and you paid since I didn't have cash, here you go" type thing. "Square up" not "money for drugs".

Re: Square Cash - Email money to anyone’s debit card

#33
post #29

I assume they are processing the transaction as a refund to the recipient's card? There isn't enough detail to understand what's going on there. This looks like one of those "The investors made us put something up to start building buzz even though it isn't nearly done..." type of things.

I already got a payment from a friend there. It works.

Do they process it as a refund then?

Re: Square Cash - Email money to anyone’s debit card

#34

Earlier quoted context omitted.

It's 50c by transfer (payed by the sender).

Really? I wonder how they're justifying that when Paypal transfers are free.

In Canada we've had debit (Interac) email transfers for a while now. Supported by all major banks (and some credit unions).

It has a $1.50 fee.

Re: Square Cash - Email money to anyone’s debit card

#35
post #7

I see email spoofing being a problem with this.

I hope that the email only initiates the transfer and that the approval takes place either in the Square Register app or on their website.

How do they authenticate the other guy to get his money out ? all you have is his email address. What do they do, hope someone can't see the auth-code you send him via email?

Re: Square Cash - Email money to anyone’s debit card

#36
post #18

Earlier quoted context omitted.

Not to be sarcastic, but this is the first time I've ever seen anyone on Hacker News say that "they're doing fine" with Paypal.

I've been using PayPal for 8 years now. Never have had a problem. I'm well aware of their actions with freezing accounts, but I think it's a hard problem when you deal with money and millions of users across the globe.

I just reached the limit on my account and am just too wary of Paypal to give them access to my bank account.

Guess I'll have to find other ways. I am surprised that Square didn't at least send out invites to their current customers. Funny I had to read about it here.

Re: Square Cash - Email money to anyone’s debit card

#37

I assume they are processing the transaction as a refund to the recipient's card? There isn't enough detail to understand what's going on there. This looks like one of those "The investors made us put something up to start building buzz even though it isn't nearly done..." type of things.

you can only process a refund if you have the authorization code for an already existing txn on that card. you can't just issue one just by knowing the card details.

Re: Square Cash - Email money to anyone’s debit card

#39

I assume they are processing the transaction as a refund to the recipient's card? There isn't enough detail to understand what's going on there. This looks like one of those "The investors made us put something up to start building buzz even though it isn't nearly done..." type of things.

It sounds more like an ACH. I read that there's a new API that allows sending money to any Visa card (not as a refund) but I've never seen it used.

Re: Square Cash - Email money to anyone’s debit card

#40
post #30

There are many key attributes of cash that this system, despite it's ease of use, ignores. I rarely try to be pedantic, but two fundamental attributes of cash is that it can be used without a transaction record and often anonymously. Can this system?

I don't imagine they care about anonymity even a little bit.
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