Type mode is designed to allow Instagram users to share text-only posts in Instagram Stories, and the feature is similar in design to the Facebook option that lets you accentuate text-only posts with large fonts and colorful backgrounds.
According to Instagram, Type uses creative text styles and backgrounds to allow users to turn their "most random thoughts into something colorful and expressive."
Type mode can be accessed by opening up the Instagram Stories camera and selecting "Type" next to normal under the record button.
Tap "Type" and write whatever comes to mind -- your favorite lyrics, a silly thought or a random idea -- and play with different styles to change the look and feel. Then, you can pick different background colors, highlight words and phrases or add a background photo.The new styles introduced with the Type feature can also be used when adding text to any photo or video, and as with all Stories posts, content will disappear after 24 hours.
Type content is part of Instagram version 30 for iOS, which can be downloaded from the App Store for free. [Direct Link]