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Can Square Cash replace $1 trillion in checks?

Square Cash
Source: Square Cash

Back in 2013 Square Cash introduced a way for people to pay each other: its peer-to-peer payments service Square Cash, quite similar to the payments Facebook announced last week for its messenger product.

Today Square is taking its payments service to businesses, targeting the 13 billion checks that are written every year, amounting to more than $1 trillion. This is one way Square's looking to diversify away from its dongle card-reader, pivot away from the disappointment of its Square Wallet app, and reposition the company as a broader financial services provider for small businesses.