New Square Inc. service allows money transfer via email

San Francisco-based Square Inc., known for its low-cost mobile credit card reader system, is moving forward with another way to transfer money. With the new service dubbed Square Cash, customers will be able to send payments to anyone through email, according to the Memphis Business Journal.

Recipients are notified through email of a transfer and when they enter a valid debit card number, funds are directly deposited into the customer's account. The service aims to serve as an alternative to checks and as a way to avoid ATM fees when paying other individuals. At this time, only MasterCard and Visa debit cards are supported. There is a $250 per week transfer limit, but customers can choose to sign up for "Gold Status" by providing a mobile phone number and linking their accounts with Facebook.

Google has a similar service known as Google Wallet that allows customers to send funds as an email attachment.

Read more from the Memphis Business Journal.