Snapchat today announced a new service, in partnership with mobile-payment service Square, dubbed Snapcash. The new feature allows Snapchat users to quickly and easily send payments to one another. Users can do so by simply swiping right to chat on the main screen in Snapchat and then entering a dollar amount. The money will go directly from one user’s bank account to another.
Users simply have to add their debit card and credit card information to their account in order to sign up for Snapcash. From there, anytime you type a dollar amount into Snapchat’s instant messaging service, the “send” button will turn into a green dollar sign and instantly allow you to send the money.
Obviously, security is a big concern with a service like this, but Snapchat promises that Square’s extensive experience in this field makes Snapcash incredibly secure. None of the personal finance information will be stored on Snapchat’s servers, as Square will take full control of that data. When signing up for Snapcash, users are essentially making a Square account and will agree to Sqaure’s terms of service, as well.
Snapcash will be available today on Android devices via an update to the Snapchat app. The update will be rolled out to the iOS app soon, according to the company. In order to use Snapcash, you must be 18 or older and located in the United States. Check out a video promoting Snapcash below:
Snapcash!! 👻+🔳=💸 http://t.co/ajBUkxmOK3
— jack (@jack) November 17, 2014
https://www.youtube.com/watch?v=kBwjxBmMszQ#t=12
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Interesting that the app uses the term cash but it doesn’t involve cash.
Will the funds really be instantly available? Financial institutions are notorious about holding on to them.
What is the fee for doing this?
This will turn sleazy pretty quick…adult star: “snapcash me 5 bucks, and get access to my snapchats for the month”
You say that as if it’s a bug, not a feature.
Webcam and other independent porn producers are probably all rejoicing this announcement!
AWESOME!!! i’ve been looking for an easier way to send myself money from other peoples phones! now all i have to do is take my buddy’s phone, open up snapchat, type in a couple benjis, and he’s nearly none the wiser.
this is a bold move. snapchat is definitely going to need to tighten up their app access in general. what’s stopping me from doing this? or someone doing it to me? if i send money to one person in my contacts, I automatically become an easy target for that person to send fraudulent charges if they have access to my phone. wonderful. coming from the company who just a little over a year ago was dealing with a huge security breach :/ I love square and have no doubt they’ll be on top of it, but snapchat? really?!
thats technically all you have to from someone’s Chase app.
Incorrect. Unless they have been logged onto the app in the last 5 minutes or so, the Chase app (and I presume other banking apps) will require your bank account password. Snapchat keeps you signed in all the time.
I hope they finally add support for iPhone 6/6 Plus.
dumb ad, imo.
I’m sure the fees will be huge!
It would be at least as much as a cash advance.
Ad is beyond stupid.
Delete.
> From there, anytime you type a dollar amount into Snapchat’s instant messaging service, the “send” button will turn into a green dollar sign and instantly allow you to send the money.
Holy terrible design decision.
Joe: “Hey, how much money do I owe you?”
Bob: “$30”
Bob: “Well I guess now it’s $60?”