In its 2.13 update yesterday, mobile payments app
Square Cash introduced the "Cash
Virtual Card" into its iOS app, letting users create a
Virtual Visa Debit card that lets them spend their
Square Cash anywhere that accepts
Visa Online (via
Recode).
Square
Cash users can check out at retailers like Amazon, for example, and simply enter the card number for their
Virtual card during the check out process. The company is also reportedly working on making the new
Virtual payments compatible with
Apple Pay and Android Pay, "making it possible to use
Square Cash funds to tap and pay in stores that accept mobile payments."
The obvious question is why someone would choose to use a Square Cash account ? either in a store or on a website ? instead of their regular Debit or credit card. A spokesperson cited push **tifications triggered by purchases ? something that some services like Apple Pay already employ ? as well as easy-to-browse digital receipts as potential incentives.
The update brings
Square Cash a little closer to PayPal in functionality, but users on
Square Cash are relegated to spending money only within the app's account and are unable to draw from funds in their back-up bank accounts. With PayPal, if users over-spend the funds in their account, the app will fall back into the attached bank account to make up for the difference.
Square
Cash is also changing up how instant deposits work in an attempt to make more money from each transaction on the app. **w, users who receive a payment can withdraw the money to their bank if they're willing to pay a one percent fee for the same-day withdrawal. If **t, the money will be deposited in their bank on the next business day for free. The monetization of its withdrawal service is an attempt by the company to
catch up to more popular mobile wallet apps.
Users can create their
Virtual Visa card within the
Square Cash **w, only needing to enter a billing address to associate with the card to get things started. The
Square Cash app is available on the
App Store for free. [
Direct Link]
Tag:
Square Cash
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