How Safe Is Snapchat’s Snapcash?
The app Snapchat earned rapid popularity in the world of social networking apps. The app is
more popular with the teenagers who prefer this app than the famous social networking sites
that have created its niche in the past few years. Snapchat became popular than the other apps
because of its unique feature. It recognized the potential social networking trends which involved
sharing instant messages in the form of photos and videos. The appearing and disappearing
photos, the different filters which enhanced and edited the photos, the brief caption and the
transient nature of the photo messages made it earn its reputation as the smart app.
However, Snap chat did not limit its features only to snapping and sharing but it has also
extended its features with the all new Snapcash which enables users to transfer money to their
friends through this. Are you wondering what exactly this Snapcash is? The app Snapchat
coupled up with Square to develop an all new feature Snapcash. This feature aims to provide
easy transfer of money just like you share your photos instantly. The method of sending money
through Snapcash is easy and hassle-free. You just have to enter the card number, billing zip
code and security code in order to receive or send money. The recipient of the money can link
a debit card to the Snapcash account to get the money. But you will not be able to cancel the
transaction you have undertaken once you send the money.
Are you wondering whether the money you receive will vanish within seconds? Well, in case of
Snapcash, the amount will not vanish like a ghost in just a few seconds. After you send the cash
through Snapcash, the recipient will have 24 hours to claim their money through debit card. You
may think whether using this feature to send and receive money will be safe. The security feature
offered by Snapchat is the submission of the card’s security code before every transaction.
However, Snapchat will only control the messaging aspect and the financial aspect will be taken
care by Square. Square will have all the information about your card and will encrypt it before
submitting it in their servers.
You may think whether you will be able to trust Square. The leak of the Snapchat pictures
shared and the usernames of the users of Snapchat earlier this year may raise speculations in
your mind that whether Square can be trusted. Square is best known for providing a way to the
small businesses to accept credit cards via swiping device, tablets or Smartphone. Snapcash
requires the users to store information about the debit card instead of a credit card which makes
you more vulnerable as breach of the servers of Square will mean that the hackers will gain
access to all the bank accounts associated with the card instead of just your credit card account.
If you are an avid Snapchat user, you can use Snapcash to transfer payment without any hassle
but you should regularly check your bank transactions.