Mobile messaging app, Snapchat has just jumped into the growing peer-to-peer payments arena with the launch of Snapcash. Snapcash, created in partnership with payment service Square, allows users of the popular ephemeral photo-sharing app to add a debit card to their account and instantly send money to a friend. By simply typing the dollar sign and an amount into Snapchat’s text-chat feature and then tapping the green pay button, users can now send value directly to their friend’s bank account.
As announced in the official Snapchat blog post, Square will securely store all user debit cards and handle the actual movement of money in the new feature. As of now, Snapcash is only available to users in the United States who have a debit card and are 18 or older. The feature is also only on Android now but will be coming to iOS soon.
With huge buzz around peer-to-peer payments from large players like Google Wallet, Braintree’s Venmo and potentially Facebook, it may be only a matter of time before one of these major companies integrates bitcoin and other crypto-currencies into their service. Even Snapchat could be headed down this path in the future. Plug into Coinbase instead of Square and bitcoin gets one step closer to mainstream adoption.
Check out the video introducing Snapcash, below. What do you think it’ll be used for?
What’s your take on Snapcash? Leave your comments below.
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