Payment platform Square tweaked its cash-transfer approach, now charging businesses 1.5% of any cash transfer.
Greg Bensinger reports on WSJ the company has imported the ‘cashtag’ ( originally used by Stocktwits and called ‘tickers’):
The move is the latest by a tech firm to enable cash transfers through smartphones. Earlier this month, Facebook said it would allow cash to move through its Messenger app, similar to services from PayPal and Snapchat, which uses Square’s technology. Those services are free for users.
Square said its new service lets users register using something it calls a “cashtag” (like a Twitter handle with a dollar sign), allowing their customers to make payments without knowing the recipient’s email address or mobile phone number, as was previously required. A small business, say a math tutor or a house cleaner, can ask a customer to pay by transferring funds to their “cashtag,” Square said.
Cash transfers from one individual to another for non-business purposes remain free within the Cash app, Square said.
I have officially claimed cash.me/$stoweboyd.