Square Cash’s newest feature, called the Cash Drawer, allows users to store money in the app for swifter sending and receiving with others.
The Cash Drawer is basically a gate between Square Cash and your bank account. Prior to its arrival, Square Cash would grab money from your bank account and send it to another user’s. But the Cash Drawer forms a virtual wallet of money on the app without having to tap into bank accounts. So if you were to send me $20 for dinner, I could just keep that money on Square Cash. Then I could send you a piece of that $20, say $10 for gas, without having to do anything with my bank account. Square Cash has the Cash Drawer now because of its immediacy. And if you want to move money from the Cash Drawer to your bank account, the app has a simple Cash Out button.
When the Cash Drawer feature is turned on, anyone can keep all the payments they’ve received in one secure place and deduct from that stash to make payments. Anyone can access all funds in their Cash Drawer immediately by selecting the Cash Out button, instantly transferring the stored funds directly to their bank account.
Square says the Cash Drawer is already accessible to all users, but the Add Cash button to manually move your own funds into the app will appear in the coming weeks.
Today’s Square Cash update also redesigns the Activity page and adds fingerprint support.