Snapchat, self-destructing photo messaging app, has rolled out a new feature to help its users send money to their friends.
The new service, named as Snapcash, is available for users in the United States over 18 years. The company said in a blog post to offer fast, fun and amazingly simple solution to send money to friends. The feature explained as,
Once you have entered your debit card it will be securely stored and processed by Square and then you put the amount into the chat by typing dollar sign and amount and hit the green button and it directly goes to your friend’s bank account.
Snapcash is the result of Snapchat’s partnership with Square, the company providing credit card processing and complete solutions often used by small businesses. Notably, the users card numbers will be stored on the Square, that means all of your financial details would be managed by Square, not by Snapchat which is a somewhat sigh of relief for users since the photo messaging app is on the favorite target of hackers.
Snapcash is a surprising move by Snapchat since mobile payment category has already a tough competition. Snapchat will have to face tough competition from Google, PayPal and Venmo.
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