Earlier today, I opened an email window, typed in my boss’s name, cc’d [email protected], and entered $5 in the subject

line. I sent the email, and Square sent back a simple request for my debit card number. My boss received a similar request, he entered his debit information, and the money will show up in his account soon.

The pros: no sharing of account number or routing number, no new account to set up or password to remember, no need for cash on hand; no transaction fee for either of us. The cons: waiting a few days for the funds and security that relies more on trust and fraud detection than on traditional safeguards.

Read more in the Nov. 20 payments focus report:

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