Snapchat gained fame as an instant messaging service that allowed users to send snaps to each for them to view for a short period of time before they disappeared. Well, soon that won’t be the case any more. This past week, the company announced a partnership with the mobile payment service, Square. Together, they’ll introduce Snapcash. Snapcash is supposed to be a money sharing service that would allow you to transer money between user accounts.
Snapchat succeeded in acquiring a 100 Million active monthly users, a fact that Facebook might despise. The partnership between Snapchat and Square as a result of Snapcash will see Square having access to that huge amount of users. That is because Square will actually handle all the transactions taking place.
Signing up for Snapcash would also mean signing up for Square. Initially, the service has only been made available to the users in the United States who possess a debit card and are above the age of 18. The rollout has already begun for the Android devices, with iOS to follow soon. Signing up for Snapcash will require the users to enter their debit card information which will also be stored by Square. Snapchat has claimed that it will not disclose any confidential information. However, it is still up in the air whether or not the users will be able to put their trust in Snapchat, following a recent mass leak of images and videos.
Once you’ll have created your account, transferring the cash to your friends should be pretty straightforward. All you have to do is swipe into a particular chat, type the ‘$’ sign, followed by the amount of money that you want to transfer to that friend. Then simply hit the green ‘S’ button and voila. It is important to note that once done, a transaction can not be reversed. So be sure of who you want to share your precious cash with.
It may seem as if Snapchat is taking its services a bit too far, but they have succeeded before. Who is to say they wont succeed again.