Snapchat has announced that it’s teamed up with Square to bring a new feature called “Snapcash” to its extremely popular picture messaging application. Snapchatters in the United States can now instantly transfer money to their friends and family simply by entering the dollar sign, followed by the desired amount, then hitting the send button.
“The product you’re seeing today is fast, fun, and incredibly simple. After you enter your debit card, it’s securely stored by Square, who will swiftly process your payment and send cash directly to your friend’s bank account. Just swipe into chat, type the dollar sign, an amount (e.g. $11.25), and hit the green button,” writes Snapchat in a post on its official blog.
If you’re feeling somewhat sceptical about Snapcashes security, it may help to know that Square is heading the show on the criminal activity front and is giving users the same person-to-person encryption it does in its very own money sending service. You can see what the company has to say with regards to Snapcash in the statement below.
“We set out to make payments faster and more fun, but we also know that security is essential when you’re dealing with money. We have a ton of experience in this area and our teams have been hard at work to make Snapcash a great experience for everyone. ”
If you’d like to see Snapcash in action — be sure to check out the this demonstration video.