Square Cash now lets users store funds in a digital 'Cash Drawer'

Square's person-to-person money transfer service Square Cash is now allowing users to store money they receive through the app in a digital 'Cash Drawer'.

First released in 2013, Square Cash began as a competitor to PayPal's Venmo, offering free P2P money transfers via website or mobile application. Although Venmo has surged to capture a majority share of the P2P transfer market, Square Cash has grown its annualized payment volume to upwards of $1 billion.

The optional money storage feature puts Square Cash in the same vein as PayPal and other digital wallets. But it also adds a useful component for small businesses using the Cash Pro service.

First rolled out last March, Cash Pro is a fee-based version Square Cash geared toward SMBs and non-profits that commonly accept cash and checks for payments or donations.

Cash Drawer will now allow these users to maintain a cash balance in their account. What's more, it gives them consolidated repository of their business transactions, meaning they can keep track of money as it changes hands.

Users can also withdrawal money whenever they need it and add money from their personal bank accounts.

Of course, the service is applicable to non-business users as well. According to a Square representative, Cash Drawer makes it "easier to set aside funds for future costs like dinners out with friends, or upcoming payments like monthly rent."

In other words, for all of you millennials totally failing in the savings department, Cash Drawer could help you keep some extra money out of sight and in your bank account.