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.