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Snapcash: Bringing Fun in Transactions

Snapchat has been top in the innovations list in the year of 2014. They are coming up with new

ideas and features to make occupy, consume and entice end users. Snapchat stories, Snapchat

text and video messaging all were part of subsequent innovation that was well received by the

end-users. The main intention behind these innovations according to Snapchat is that they want

to take plain old concept of doing things, spice it up, add some fun and features to it, then deliver

to the end user. This has been the trend so far from this company and there every step looks so

thoughtful and engaging for the end-user. Now Snapchat has come up with new concept called –

Snapcash. Snapcash is a built-in feature in Snapchat that allow users to send and receive money.

Snapchat is a popular photo sharing application which has over 100 million users/subscribers

around the globe, but Snapcash feature will be specifically available for the users in the U.S.

Snapcash: As a concept

According to analysts of Snapchat, Snapcash will be mode of payment which will me much

faster and more fun than the convectional mode of transactions, but security will be in its core as

money is involved in it. They have strictly mentioned in their blog post that, “We are not

compromising in any aspects of security with Snapcash”. As Snapchat been involved in security

breaches likeSnapchat Leak, Database leakage so end user have a factor of doubt in their head

regarding whether to trust or not Snapchat’s liability. But with these statements Snapchat have

assured the users that security of the transactions will be their top priority and it will be taken

care of by them. Snapchat will also be not storing any financial data on their own servers.

Snapchat have partnered with Square a startup company to securely store and process customers

billing and payment information.

What happens in snapcash

In Snapcash, money will be just transferred by typing dollar symbol and necessary amount, and

there will be no set of passcodes and passwords to authorize the transactions. Analysts predict

that these features might be used by underground adult industry or camgirl kind of ventures

where people will pay to see the performer’s private things. Other giants like Apple, Googe and

Amazon is also continue to evolve their mobile payment features and with that Snapcash has to

combat most of them to make a mark. Snapchat is also opting for two trademarks for the

Snapcash. First trademark is related to processing of electronic payments and second is related to

fund transfer. If approved or passed, then these trademarks will prevent any copyright

infringement acts like other companies using Snapchat’s name in their payment options.

Speculations are around that Snapcash will be mostly used for in-app purchases, as Snapchat

will try to introduce more advertising with its messaging services. People will be entitled to buy

virtual goods that they can use later or set of features to use within Snapchat. There is

benchmark way to decide how Snapcash will shape-up but according to Snapchat’s co-founder

Spiegel, in-app transaction will come first with the Snapchat as this app is part of everyone’s

day to day life so they will pay for more unique and exciting features.

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