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Square Cash introduces Cash Drawer to compete with Venmo and PayPal

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Square Cash, Square’s app that allows users to send money to each other for free, saw a new update today that puts it more inline with competitors. With Cash Drawer, Square Cash now let’s users hold money within the app instead of transferring it immediately out to their own accounts. This behavior directly mimics functionality that Venmo and PayPal bolster.


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Square Cash now lets you send money over text messages, add notes to payments, more

Square launched its app Cash last fall making the process of sending money from your bank to other people over email, and today the company is introducing the next major version of its app. Square Cash 2.0 introduces a list of new features including the ability to now send a transaction over text messaging in addition to email and attach notes to payments for adding context to a transaction. Below you can see the full list of changes in the new version.

What’s New in Version 2.0

Everything is better in Cash 2.0!

• Send cash to any mobile phone number via text message.
• Faster, optimized sending interface.
• Import your address book for quick contact selection.
• Add a note to your payments.
• Pick a profile picture.
• Choose push notifications, text messages, or email notifications.
• Manage all of your email addresses and phone numbers in one place.
• Quickly approve incoming requests from a push notification or text message.
• Invite friends via text message and get $1 when they join.

Square Cash 2.0 is available for free on the App Store.