Paying your friends back for spotting you with some cash just got really, really easy. With nothing more than an email, Square Cash (from the makers of Square) allows friends and family to send small amounts of money directly to one another’s bank accounts via email, regardless of what bank they use and without any fees.
There are no passwords to remember, the service is available on a PC or smart phone (apps are iOS or Android) and it works on any email client. Email your friend the loan shark, cc: firstname.lastname@example.org and enter the dollar amount in the subject line. You can probably pay them back before your drinks arrive.
First time users need to enter a debit card number (both to send and accept cash) and the transaction can take up to 48 hours to clear. Users are limited to $250 (or with a little extra verification via FaceBook, $2500) per week — enough to buy drinks for all your remaining friends.
So, as you head out on the town for the holidays with that pal who never seems to have cash (or maybe, just maybe, you are that friend), rest assured that the $20 they loaned you won’t be what comes between you. It is newly hip to be, um, Square.