• Snapchat Unveils Snapcash, a Person-to-Person Payments Platform Powered by Square



    In what was deemed as a rather surprising announcement, Snapchat unveiled Snapcash, a person-to-person payments platform powered by Square. Snapcash, which is built directly into Snapchat’s messaging system, can be used to seamlessly send money from a user’s bank account to friends also registered with the program. To transfer cash, users just have to simply enter a cash amount into a chat’s subject line, such as $25.00, then press send.

    Much of the work behind the feature is accomplished through a backend payments platform which as mentioned before, is powered by Square. Users who are interested in using the feature first have to register a debit card from which funds will be withdrawn or deposited. This information will live on Square’s secure server for future transactions, which Snapchat claims are nearly instant.

    Snapcash in reality is a repackaged version of Square Cash, an internet-connected service that lets people send money to each other via email, app or the Web. Unlike Cash, which draws money from credit cards, Snapcash links directly with users’ bank accounts, which is a feature that many are weary of for various security reasons. To help combat the onslaught of security scrutiny, the following was mentioned by Snapchat:

    We set out to make payments faster and more fun, but we also know that security is essential when you're dealing with money. Square has a ton of experience in this area and our teams have been hard at work to make Snapcash a great experience for everyone.
    Snapcash was recently activated in a Snapchat update which was released recently. The service is currently limited to users who are at least 18 years old and live in the US.

    Source: Snapchat (blog), iTunes
    This article was originally published in forum thread: Snapchat Unveils Snapcash, a Person-to-Person Payments Platform Powered by Square started by Akshay Masand View original post
    Comments 3 Comments
    1. SpiderManAPV's Avatar
      SpiderManAPV -
      Snapchat thinks people are gonna trust them with money? That's laughable.
    1. bmwraw8482's Avatar
      bmwraw8482 -
      Does the money disappear from both people after a predetermined amount of time?
    1. Jozelito617's Avatar
      Jozelito617 -
      Quote Originally Posted by bmwraw8482 View Post
      Does the money disappear from both people after a predetermined amount of time?
      Yeah snapshot eats it eventually .the server gets really hungry an the Cookie Monster comes to destroyed humanity ,.. True story
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