Sending and receiving money between peers quickly via text message is now possible with Square Cash.

Square, Inc., a credit card processing and business solutions firm based in California, has updated its Cash app.

The app lets users send and request money by text from mobile and emails contacts. The transaction is free of charge.

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The request will show up in a text message including a link to a payment page where a user can make the payment.

Other changes include a faster and simpler user interface; user profile pictures; address book importing and a text-message or push notification request approval system.

Additionally, Square rolls out a news rewards system that transfers US$1 to a user's account each time a user invites someone through text message to sign up for Cash.

Square Cash is about peer-to-peer transactions. It focuses more on speed. The company allows unregistered users to make payments and direcs them to an outside app payment page.

It also makes it easy to ask payment without dealing with Square Cash online or in app.

"You can send a request from any e-mail address simply by sending to the person, CC'ing request@square.com and putting the dollar amount in the subject line," said a spokesperson for Square.

The two unique qualities of Square Cash that sets it apart from other mobile payment services is there are no charges in a transaction and a user isn't required to be an account holder.

TagsSquare Cash, mobile payment, App, send money by text message, P2P transaction