Snapchat announced a partnership with mobile payments service Square to introduce Snapcash, which will allow users to send money between users with as much ease as it takes to send photos and videos. Unlike the pictures and videos the money won’t disappear, well at least we hope. Amid recent hacks and security concerns from users on Twitter, the company seems unphased and committed to this money transfer system. Square will handle all the information and handle the money, while Snapchat will just provide the user base.
Square will handle the actual cash movements in the new feature, which was announced in a blog post on Monday. Snapcash will be available to users in the United States that have debit card and that are older than 18 years. The feature is rolling out on Android immediately, with iOS availability expected soon, according to a Snapchat spokesperson.
Users who sign up for Snapcash will also sign up for a Square account, so Snapchat won’t have any financial data or personal data stored on their less-than-trusty-servers. Once users are signed up it is straightforward and easy. You swipe into a chat of the friend you want to send the money to type the “$” and the amount and press send.
Tell us in the comments below if you’d use Snapcash, are you worried about security concerns?