Snapchat has been a highly successful and popular messaging app with its unique
disappearing photos and media content. The content shared on the Snapchat gets deleted
after viewing and the majority of the Snapchat never logs out. Soon Snapchat users would
be able to send money to their buddy account with its exclusive payment service.
Snapchat has unveiled a new feature called SnapCash which would facilitate the fund
transfers on its hugely popular mobile application. Snapchat had partnered with the
payment-processing firm Square for creating this service. Currently this service would only
be available for the users residing in the United States and who are older than 18 years.
Snapchat : A hoard Of Security Breaches
Snapchat ambitious Peer-to-Peer Payment Solution has met with raised eyebrows as
Snapchat has been in centre of many high-profile security breaches in the recent past. Earlier
in May Snapchat settled with the Federal Trade Commission (FTC) over allegations of
deceiving customers by claiming that the messages over its messaging service platform could
not be saved and secretly collecting data of its users. As a part of the settlement Snapchat has
agreed to be monitored by an independent authority for next 20 years.
Snapchat had earlier introduced a feature in its messaging app called ‘FindFriend’ which
ended up uploading the 4.6 millions user accounts along with their associated phone number
after an organized cyber attack.Straining A -Zero Sleeves Zero Fks Snapchat Leaked Men Page
SnapCash To Possess Strong Security Measures
Snapchat users could easily sign up for this peer-to-peer payment solution for transferring
funds directly into the account of their friend. Snapchat would automatically be creating a
Square Cash account when they opt for this service. The financial and security related
concerns would be handled by the Square Cash which have abundant experience in the said
field. Snapchat currently boasts of 100 million active users and it hopes that its payment
transfer would strike the right cord with its younger tech savvy users.
How Does The SnapCash Works?
Snapchat would be required to store their banking information mainly the debit card details
which would certainly not be kept on the Snapchat servers but on the highly secure Square
Cash’s servers. Snapcash is a wonderful integration of the Square Cash platform on the
Snapchat users had to simply put in the value they wish to transfer by send a private message
to their friend. Once the app recognizes the dollar amount, a green payment button would
appear on the screen, after tapping on the button the payment process would be completed.
Snapcash To Give Competition To Venmo and PayPal
Snapchat’s payment system used in the SnapCash is quite similar to one used by the Venmo
and PayPal. The market analysts sees this as a move to bring in Snapchat to give direct
competition to the more established payment services like Venmo and PayPal but Snapchat
CEO Evan Spiegel has rubbished those theories and stated that he sees this feature as an
added value for the Snapchat users. Now the app is soaring high with newer additions of
features and newer business ventures.