Snapchat has announced a surprising feature “SnapCash” which lets you send cash to your friends. Company has announced this feature in the partnership with Square. This new feature works in very similar manner to the service Square Cash which lets users send cash through its cash app or email.
The feature is very simple in use. You need to add your debit card details which will be stored by Square. After that, swipe into chat, type $ sign followed by amount and hit the green button. All the transactions are handled by Square.
While signing up fo SnapCash, users will already be creating a Square Cash account. And of course, users are agreeing to the terms and services of Square. When users will signup for Snapcash, it will also show Square’s logo for the first time.
Snapchat confirmed that it knows “Security is essential when you are dealing with money”. But company has trust on the experience of Square in the payment area.
Terms of the deal were not disclosed. But we can guess that Snapchat may be paying Square a small transcation free for processing each transaction.
Snapcash is US only feature. It is only for users who live in US and are over 18 years old.
Source: Snapchat blog
