This is awesome, my only fear is the UX. There is no pre send verification. I mean it doesn't say "you are about to send X to Y, are you sure?". So if you aren't on a trusty level with Y, and you accidentally add an extra 0...hrm. All the same, I'd use this with close friends and family without a doubt assuming I can keep my email password secure and unknown.
This doesn't seem to be much different to me than Google Wallet's ability to email money. Except that Google Wallet only works with GMail accounts of course.
This doesn't seem to be much different to me than Google Wallet's ability to email money. Except that Google Wallet only works with GMail accounts of course.
In sweden we use an app called "Swish". It let's us tranfser money within seconds to another person no matter what bank they use. It's perfect for when several people go for lunch together, swish the money to one person and he pays with his card.
In the Netherlands, I can just send however much money I want to anybody if I have their bank account; it's free and no problem with a phone app. You have to know their account number, but not much different from knowing their email. (There's no stigma with giving out your bank account number - you can't do anything with it without tertiary verification except deposit money. Wouldn't work in the US.)
To me, giving out my bank account number is terrifying. I mean, that allows anyone to deposit money into my account! Imagine, checking your balance and there would be MORE there than you expected! Isn't that just horrific?!
Dwolla is a local company that started in Iowa a few years ago. It's already taken foothold in most of the large cities here. Smaller restaurants and street vendors take Dwolla payments because it's cheaper than processing credit cards.
"Hurry up and Square me that $50 you owe me, bitch... before I punch you Square in the face."
There is a show on NatGeo called Drugs Inc, they profiled a group of dealers in an episode who where more than happy to share that they accepted credit cards through Square (Implied by the device they showed, was not explicitly stated)for their product. That takes balls from both sides to make that deal.
Linc
OwnerDetroit Icrontian
Comments
Seems cool to me.
It let's us tranfser money within seconds to another person no matter what bank they use.
It's perfect for when several people go for lunch together, swish the money to one person and he pays with his card.
"Hurry up and Square me that $50 you owe me, bitch... before I punch you Square in the face."
Turns out it was a bank error, and was corrected rather quickly. And it hasn't happened again since. =(
*Dealing drugs is not smart.