At this point, it is not surprising that various services seek to integrate new features that are a bit removed from their original operation. Such is the case of Snapchat, which today is announcing its own system to send money to our friends.
Snapchat in association with Square is announcing Snapcash: its own system for sending money. This novelty will allow us to send money to our friends in the easiest, fastest, most comfortable, and safest way possible; on security, Square will be in charge, for this reason, said association.
The video that we leave below shows better how Snapcash works: to activate the function, all you have to do is press the “$” sign followed by a number (which will indicate the amount of money to send) within a conversation, once this is done, a green button will appear on which notifies us that we have the possibility of sending such an amount, we press it and that’s it, the transaction will be completed
Snapchat has been involved in various controversies due to data leaks from its users, so its creators found it necessary to make a partnership with Square so that people know that their banking information will be safe. In fact, they presume that said information will not pass through the same servers where the ephemeral messages of the service pass.
For now, Snapcash will only be available to Snapchat users in the US, who have a bank card to own, and are over 18 years of age.
Snapchat lets you send money to your friends with Snapcash
Snapchat lets you send money to your friends with Snapcash, Snapcash is a payment functionality that allows users to transfer money between accounts on the platform. Snapcash is currently available to Snapchat users in the United States who have a debit card and are 18 or older
Snapchat has announced a partnership with mobile payment service Square to introduce Snapcash, a payments feature that allows users to transfer money between accounts on the platform.
Square will handle the actual cash movements in the new feature, announced on the official Snapchat blog on Monday. The deal will also provide Square with access to Snapchat’s more than 100 million monthly active users.
At this time, Snapcash is available to Snapchat users in the United States who have a debit card and who are 18 or older (the minimum age requirement to use Snapchat is 13)
The feature is rolling out on Android immediately and is expected to be available for iOS shortly, according to a Snapchat spokesperson.
When the Snapchat user signs up for Snapcash, they are also creating a Square account, and the debit account information will be stored in Square. Snapchat ensures that it will not store any debit card information.
After that, the money transfer is straightforward. A user will be able to enter a chat, type a dollar sign and the amount, and press the green button.
The introduction of a payment capability adds to Snapchat’s recent push to move beyond its origins as a chat app. The company is already in talks with media companies to develop content for its platform and recently started running ads and moving into the live events space.
Snapchat thus becomes an interesting competitor in the mobile money transfer and payment space that is currently led by Venmo and PayPal.
Today is a big day for us – we are launching our first product created in partnership with another company. We’re huge fans of the folks at Square and have been big admirers of Square Cash since it launched – just type a dollar amount into the subject line of an email and send cash to friends. genius!
Today is a big day for us: we launched our first product created in collaboration with another company. We are huge fans of the Square folks and have greatly admired Square Cash since its launch; allows you to send money to your friends just by writing the dollar amount in the subject line of an email.
We loved it so much that we wanted to create something with them that represented the spirit of Snapchat. So we built a Snapcash prototype and shared it with the Square team. Luckily, they were as enthusiastic as we were and wanted us to develop it together.
The product you will meet today is fast, fun, and incredibly simple. Once you enter your debit card information, Square stores it securely to quickly process your payments and send money directly to your friend’s bank account.
You just have to swipe to enter the chat, type the dollar symbol, and an amount (for example $11.25), and press the green button.
We set out to make payments faster and more fun, but we also know that security is essential when it comes to money.
Square has a lot of experience in that area, and our teams have worked hard to make Snapchat a great experience for everyone. For now, Snapcash is available to US Snapchatters 18 and older with a debit card.
We hope you love Snapcash as much as we do.
Send money to your friends with Snapcash, the new feature of Snapchat
Snapchat, the application for messages that are destroyed once they have been read, will now also allow you to send money to your friends.
In addition to sending photos and messages, very soon we will also be able to transfer money thanks to the new function that Snapchat has introduced.
Snapcash: transfer money instantly to other users’ bank accounts
It’s called Snapcash and it’s a service that allows you to instantly transfer money to other users bank accounts. Enough with:
- Enter the data of our debit card in Snapchat,
- Type the dollar symbol along with the desired amount ($12.50, for example)
- and now we can send money to our friends. All from the same screen where the messages are sent.
The service is only available now in the United States and for users over 18 years of age.
It is very likely that you will need to update Snapchat to start using Snapcash although there are no updates available for iOS or Android yet.
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A Snapchat partnership with Square
Snapcash is born from Snapchat‘s alliance with Square, a mobile payment company that will be in charge of storing card numbers and processing payments, which is very positive for several reasons:
1. Square is very easy to use
2. Snapchat will not handle confidential information.
Snapchat hasn’t proven to be an example in terms of security, but the fact that Square supports it is a reason for peace of mind for people when it comes to giving out their card details. Also, Square is not new to this as it already offered a similar service through email.
Snapchat is the latest example of a long line of companies that allow you to transfer money between friends. Some of these applications are very well developed, but it seems to be more difficult to explain how it works than directly getting your hands on the wallet.
It may take Snapchat a long time to convince users to enter their card details, but it’s a step ahead of other mobile payment apps because people are already using it and know that with Snapchat they can send “stuff” to their friends.