The payment company Square updated their virtual cash transferring application today so that users can now send cash to friends, family, and businesses directly from their Apple Watch. Free to download, ‘Square Cash’, gives you the ability to send and receive money on the fly to and from anyone you may owe money to.
Square Cash works on all Apple devices, letting you send money to others through Bluetooth in increments of $1, $10, $20, $50, or $100 right from your wrist. When your are sent a payment, the app gives you a notification that lets you approve or reject it, and it transfers right to your bank account from theirs. You’re also able to sign up for Square Cash online without having to download the app.
Though it received lots of scepticism over its usefulness and security when first launched in October of 2013, this type of app has since been embraced by users. Research conducted by Wristly states that 80 percent of the 1,000 people in the U.S. and U.K who were surveyed over their use of the Apple Watch have used Apple Pay, a similar contactless payment app, with the other 20 percent saying they have yet to see its benefit or were concerned about its financial safety. The research also suggests that 29% of the non-users didn’t use it because their card is currently not supported by the payment service. When factored in user’s responses about confusion, country’s availability, and already being content with their current methods, the survey concluded that we could very soon see an adoption rate of 95% for this form of payment.
So it seems that Square Cash has jumped on this change of perspective. 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. With this info in mind, it will be interesting to see how the common methods of payment shift within the coming years. Even if the Apple Watch isn’t the company’s best product right now, it seems this form of in-app payment is becoming commonplace faster than we think.