Snapchat had introduced a new way of sending money to your friends and family member
directly into their without much fuss but with fun. Snap had partnered with Square which had
earlier created a simple payment transfer system by allowing the users to put the amount
within the subject line of an email and send the cash directly to the recipient’s bank account.
Snapchat had built its own version of payment service in association of Square and had
named it aptly ‘Snapcash’.
Snapchat project for the cash payment solution was in work for quite a long time and it had
also filed a few payment related trademarks in the past. It had built a prototype in advance
and shared it with the team of the Square which got excited and saw the huge potential and
agreed to develop Snapcash together.
Wondering how Snapcash Works?
Snapcash provides a simple peer-to-peer payment solutions wherein users could quickly
send the message cash to their friend’s bank account after entering their debit card details.
Snapchat users would be required to send a private message to their friend in the normal way
of sending the snaps. Then they would just have type in the dollar amount. Once the app
recognises the amount and a green ‘$’ lights up on the screen, users could simply press the
send button and get their amount transferred with ease and fun.Recent Reddit Gone Wild Released
Features of the Snapcash
Snapchat had stated in its public posting on its website that they had created Snapcash in the
view of making it extremely ‘fast, fun and incredibly simple’. And they had just done that.
Snapcash is extremely easy to operate and doesn’t have too much of hassles and steps
associated with transferring the funds on its platform.
Snapchat certainly won’t be keeping any debit card information on a file. All the security and
financial issues related to the fund transfer is being done by the Square which have ton of
experience in this field. Snapchat just powers the money message and Square deals with
financial end of the transactions. Furthermore sending money through Snapcash also
automatically makes that person into a Square account holder.
Square is multi-billion dollar payment start-up which was founded by the Jack Dorsey.
Square had actively agreed to build this Snapcash payment service along with Snapchat due
to its huge teenage customer base.
Snapcash Bound To Give Competition To Venmo
Online peer-to-peer money transfer field already had a moderately successful entity called
Venmo. Venmo is an eBay owned payment solution provider which happened to be not so
profitable in the past. However it is highly popular among the teenagers mainly the college
students. Snapchat does have an upper edge over the Venmo due to its huge user base.
Snapcash is currently available only for the users from United State who possess a debit card
and are above the age of 18 or more. Snapcash provides a quick and highly beneficial
payment transfer solution for the younger generation, and has a bright future ahead because
of the increasing use of digital currencies.