Snapchat and electronic payments company Square have partnered up to let Snapchat users send money in the app. The service is extremely easy to use. Type in a dollar amount into the subject line of a message and the send button will turn into a picture of a dollar. Tap on the dollar and money will be sent directly to your friend’s bank account.
Users worried about Snapchat’s history of poor security can rest a little as all sensitive banking and payment information is handled by Square. Millions of people and businesses already use Square so there’s little reason to doubt the company’s ability to keep your info safe.
To start using Snapcash, you’ll need to enter your debit card and be 18 years or older. Snapchat faces tough competition from Google Wallet, PayPal, Venmo and more when it comes to online payment methods. The company will have to gain back the trust of users after this year’s massive data breach and leaked images.
Android users will get a Snapchat update with Snapcash enabled starting today. iOS users will have to wait a little longer according to Re/code, though no official timeline was announced.
Source: Snapchat
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