A new update for the Square Cash app for the iPhone now allows users who have iOS 8 installed to transfer money to nearby friends via a Bluetooth wireless connection.
Previous to today's update, the Square Cash app let users transfer money to others via text message, email or their mobile phone number. Now the new Nearby Payments feature adds the option to transfer funds to a friend who also has an iOS 8-based iPhone via their Bluetooth hardware. The feature actually uses Bluetooth Low Energy in an effort to converse battery life on the iPhone.
The app also allows its users to configure it so that the Nearby Payments feature is open to everyone within Bluetooth range or it can be adjusted so that it is only visible for certain contacts. The app is free to download and only required the registration of a debit card, with most payments showing up in a user's bank account within a few minutes. The app is only for US residents at the moment.
Will you be using this update for Square Cash to send money to others?