Also nobody would use Square Cash over a plain bank transfer for a domestic (or more generally fee free through their bank) transfer, rationally speaking? PayPal have a product that is good enough unless you do such transfers really often to care enough, do they change something fundamental or are they left literally competing on fees with PayPal?
I disagree that PayPal is good enough. To receive money via PayPal you have to link your bank account which takes verification and can be a PITA. Square Cash "refunds" it directly to your debit card. You just type in the number. It's also usually easier than using your bank's EFT interface to send money.
However this debit mechanism is also what makes it so expensive for Square to operate (>20 cents per transaction in interchange fees).
