The convenient cash-sending app is now available on the Apple Watch. Square Cash also sends your Apple Watch a notification when someone requests money from you, and you can accept or reject the transaction right from your wrist. A surprisingly large amount of people already use it or its various counterparts, and the survey also noted that from their results at least 86% of users are actively looking for the Apple Pay logo above checkout when doing their physical shopping, as stores are beginning to support it across the nation. The other 20% have claimed that they “do not perceive a benefit” from using Apple Pay, and that their current methods of payments meet their security standards.
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With Square Cash for Apple Watch, users can send money using virtual stacks of cash in the form of $1, $10, $20, $50, or $100 denominations just with a few taps on the wearable device. Square Cash also added the ability for anyone to sign up for Square Cash on the web, without needing to download the app.
First released in 2013, Square Cash began as a competitor to PayPal’s Venmo, offering free P2P money transfers via a website or mobile application.
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Quickly exchange money with friends, or get paid for your business. Still, 80% is a pretty impressive adoption rate, though I’d be interested to see data on Apple Pay adoption amongst iPhone users overall as well. Last week the San Francisco-based company rolled out a new service called Instant Deposit, which enables businesses to send money from a sale directly to their account within seconds (although the funds are still subject to a bank’s availability schedule).
