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Hot off the heals of its November initial public offering, Square ( SQ ) has added a feature that will up the stakes in its battle against payments rival PayPal ( PYPL ): Square customers can now store cash in the Square Cash service. Square Cash is a peer-to-peer payments service that lets customers send money to anyone in the U.S. with an email address. It’s designed for things such as paying a friend back for a cab ride, or sharing a restaurant bill. The new feature Square announced Monday is called Cash Drawer, and allows anyone who has the Square Cash app — sending or receiving money doesn’t require the app, just email — to store money and use it to pay people back at a later date. Square stock was up more than 3%, near 11, in afternoon trading on the stock market today . The San Francisco-based firm had a strong first day after making its IPO, with its stock rising 45% that day and touching its still-record high of 14.78, after prices shares at 9. But the stock has mostly fallen since as many bigger companies compete in payments. The new feature makes Square Cash look a lot more like rival PayPal and its peer-to-peer payments subsidiary Venmo, which is popular among millennials . Both PayPal and Venmo already have the capability that Square added Monday. Square Cash is outside the company’s core business, which is a set of digital cash registers and transaction processing, marketing and financial services, which it sells mostly to small businesses. Square CEO Jack Dorsey is also the top boss at microblog Twitter ( TWTR ). Visa ( V ) has a sizeable investment in Square. Scalper1 News
Scalper1 News