Snapchat today announced a partnership with Square for a new "Snapcash" feature that allows Snapchat users to quickly send money to one another using Snapchat's built-in chat function.
After entering a debit card number, which is stored securely by Square, Snapchat users can swipe into chat, type a dollar sign, enter a payment amount, and hit the button to send money instantly.
Snapcash functions similarly to Square's own Square Cash feature, which allows people to send cash via email, and because Square handles all of the payment information, it's as secure as the company's other payment options.
We set out to make payments faster and more fun, but we also know that security is essential when you're dealing with money. 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.
Snapcash is currently limited to Snapchat users in the United States who have a debit card and are 18 years of age or older. The Snapcash feature will be added to the Snapchat app in an update coming later today.
Snapchat can be downloaded from the App Store for free. [Direct Link]
Top Rated Comments
Or they know exactly who their user-base is! "Want me to take it off? Snapcash me $5 and I'll show you more ;-)"
Good point. :P