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Square adds PayPal-like cash by e-mail feature

Square Cash, which is invite-only for now, lets anyone send money simply by sending an e-mail. It's not known whether either party in the transaction has to have a Square account.

Square unveiled Square Cash today.

Square has launched a new feature that will let anyone send cash to anyone else's debit card.

The new Square Cash service, which is currently invite-only, seems to bring the mobile payments company a little closer to PayPal's core offering. A video for the service suggests that anyone using it can send money simply by using the recipient's e-mail address.

Reached for comment, a Square spokesperson said only that, "We're excited to share Square Cash with our friends. We'll continue to invite others to try it out in the coming weeks."

TechCrunch was first to report the news.

It also appears likely that the launch of Square Cash might have led company founder and CEO Jack Dorsey to post a Vine video today celebrating "an excellent little something," and a YouTube video of Johnny Cash singing "Walk the Line."

On an information page, Square explained the service, noting that, "Square Cash is the easiest way to send money to anyone, using just email and your debit card." The page adds that users can send cash by sending an e-mail with the recipient's name in the "To" field, and by CC'ing The dollar amount goes in the subject line. It costs 50 cents a transaction to send money, but nothing to receive money, according to the company.

It's not clear whether either party in the transaction has to have a Square account. But on the information page, Square notes that to collect their money, recipients must "link a debit card after you receive a payment. We'll deposit the full amount to the checking account associated with your debit card."

Square has been on a mini-feature launch spree recently. Last week, it rolled out its Square Stand, a new piece of hardware that lets merchants using Square Register adopt a common user experience for accepting payments. The plastic stand holds an iPad and features a card reader.