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 with a few taps on the wearable device. You can also receive notifications of when someone is sending you payment. Money can also be sent to other people through the use of Bluetooth LE technology.
Launched in 2013, Square Cash offers similar services to PayPal’s Venmo. However, one thing unique about it is the use of personalized cashtags, which allow users to just send money to these unique identifiers instead of remembering someone’s phone number or being connected to them.
In May 2015, Square debuted Square Cash for business, which expanded this quick-payment offering. Essentially it was an expansion of the product to now let customers pay businesses easily without having to take out a credit card or other tangible forms of payments.
Today’s foray onto a wearable device could also be viewed as just another way to make transacting money more convenient. Instead of someone taking out their phone, they can simply tap a few buttons on their wrist and presto, the money has changed hands, making things simpler — and not interrupting any conversations.