Snapcash introduced by Snapchat to let users transfer money to their friends
Snapchat has introduced Snapcash which lets users transfer money to their friends directly through the instant messaging platform. The new service is available in partnership with mobile payments company Square.
To transfer money, users on Snapchat just need to add their debit card first. And then, they have swipe into chat, type the dollar sign with an amount and tap the green button. The credentials of the debit card will be stored by Square, which will process the payment and send cash directly to bank account of the recipients.
Friends, on the other hand, notably need to sign up to get the payment through Snapcash within 24 hours after the payment process is being made, otherwise the entire amount will be refunded back to the user.
As all the user credentials, such as debit card number, user name and validity among others will be stored by Square, Snapchat only works as a medium to give users a payment transfer service. This confirms that the new service will not suffer with any privacy or security issue like the Snapchat users faced in past.
Snapcash is available to Snapchat users who are above 18 years old and have a Visa or Mastercard debit card. The service is available only in the US and will not likely to be available for the global regions in the near future.