'Snapcash', the newest feature offered by the famous messaging app Snapchat, allows its users to send money to their friends.
In a recent announcement made by Snapchat, they announced their partnership with Square-a firm that handles payments and widely known for their feature called 'Square Cash'. This service allows users to send money to their friends by simply typing a dollar amount in the subject line of their email. On the other hand, the latest product offered by Snapchat, called 'Snapcash', also aims to provide users a swift and convenient way for friends to send money to one another.
In 'Snapcash', users could easily send cash to their friends without the fear of having their bank accounts hacked. The first step is for the sender to enter his or her debit card information, which would be safely stored by Square. The payment request would then be processed. Upon confirmation that he or she could already send payment or cash, the sender could just open the Snapchat app, type in the dollar sign, followed by the amount to be sent, and tap on the green button. Completing these steps would directly transfer the cash to the intended recipient's bank account.
With regard the security concerns, Snapchat asserted that they will not be responsible for storing personal financial data. This function will be handled by Square.
"Square has a ton of experience in this area and our teams have been hard at work to make Snapcash a great experience for everyone," explained Snapchat in their post.
The announcement posted by Snapchat in their blog site did not mention any other particular detail regarding the deal with Square. Hence, there is still no concrete information on whether 'Snapcash' will be charging a fee for its money-sending service. At present, 'Snapcash' has been made available to Snapchat users in the United States who own a debit card and are aged 18 years or above.
