Your friends at Paypal would like to remind you that this service is almost certainly rife with identity theft, and used primarily by pedophiles, terrorists, and people whose mothers do not love them.
You missed the Android link for the other 80%.
I'm also intrigued as to how they're going to deal with spammers inevitably copying the format of Square Cash e-mail.
I don't understand what you said ... "friends at Paypal" does not compute.
With the insecurity of email this is not the method to transfer money. I'm kind of shocked. Does Square care about security at all?
Dwolla (accepted by Louis CK's site), and now Google Wallet have been doing this for a while. The Wallet/GMail experience is pretty good.
The money isn't in the actual email. An intercepted unencrypted email will not yield any funds.
Email is the mechanism to initiate the money transfer. Is email secure? NO! I don't care how many times square says the word "secure", it doesn't make it secure. I can poke holes in this system all day. Email is dead. Get over it. Time for something new, better, and actually secure.
The email doesn't have anything to do with the transaction other than carry the message.
I get messages from my bank via email, does that make all my electronic transactions with them rife with security holes?
It could. Email is the weakest link.
How do you propose that one receive notification that you have a transaction in this instance, then?
Push notification with end to end encryption.
Not sticking up for Paypal at all, but...
...I can send money to anyone with an email for free through PP already.
What's the 'thing' about this new service, doesn't need an account or something?
Yes. It doesn't need an account. And you don't have to log in to Paypal to transfer funds out; they go right to the checking account linked to your debit card.
the point is that you can send money to ANYONE including people that don't use this service. if they don't have the app, they cannot get an encrypted push notification.
stop being silly and arguing just for the sake of it.
It's not silly, it's a really big problem. Everyone has to face up to it.
You send money simply by sending an email and copying this service on the email. All someone needs is access to your email and they can send themselves money. Heck, they might even be able to spoof your address and get it to work. There is no verification that I can see.
Then I advise you to not use this service, and never do anything on the internet ever again that requires that information be sent.
Also, I'll have to assume that you've never handed your CC to a server in a restaurant before and let them walk off with it.
Pretty sure there is a need for bank info.
Well, you have to link your debit card to the service. In my book that's an account.