Snapchat, the popular messaging app, in particular through self-destructing images, is adding a new feature to its chats: being able to send money to other users just by typing the peso sign ($) next to the amount to share, and click on the new green button to be added on the right side of the keyboard. You can’t talk about Snapchat without considering its great security ones, so thinking that you could pretend to mount a payment system of this caliber would sound even illogical, however, Square, the important payment gateway – and PayPal’s competition in multiple spaces- is behind the scenes.
Square has had an excellent service called Square Cash since last year which allows you to make a payment by sending a simple email to the person who will receive it, write in the subject the amount to transfer and write down the correct description of the payment in the message. Well, the people of Snapchat have contacted Square to try to formalize a partnership that managed to implement that tremendous ease of transactions in Snapchat chats. The result: Snapcash.
As we already mentioned, it is as simple as writing an amount and clicking on the respective send button. Previously and for the only time it will be necessary to indicate the proper data of a debit card, data that will be saved in Square because as soon as Snapcash is activated an account is created in your service. And that’s it, the money will go to the respective bank account of the other user in communication – who obviously will also have to add their bank information.
For now Snapcash will only be available to users over the age of 18 in the United States, of course, who have a debit card. In short, it remains to wait how well the experiment turns out, because security can continue to be questioned even with the help of a giant like Square.
More information: Official Snapchat blog
