Snapcash — Snapchat’s New Payment System

snapcashSeamless payment is in vogue, being made ever more popular with Apple Pay. Almost every day now more and more stores and banks are signing up to support Apple Pay, Apple’s NFC-based touchless payment service. Not one to stay behind the latest fad, Snapchat has come up with a brilliant new update which allows its users to transfer money to one another through the self-deleting messaging service.

All Snapchat users have to do is type the amount they want to transfer in the subject of the message and press send. It’s that simple. Obviously, the service will only work between users who have signed up for it.

How does it work? All the background payment detail has been taken care of by Square, which runs a similar free service called Square Cash which allows users to send money via e-mail. In its blog Snapchat mentions that it’s a fan of Square and are extremely excited about partnering with it.

We’re huge fans of the folks at Square and have been big admirers of Square Cash since it launched … We loved it so much that we wanted to create something with them that felt Snapchat-y.

Snapchat users will need to register their bank account for the service to work, which clearly brings security into question. This is what Snapchat has to say about it.

We set out to make payments faster and more fun, but we also know that security is essential when you’re dealing with money. Square has a ton of experience in this area and our teams have been hard at work to make Snapcash a great experience for everyone. For now, Snapcash is available to Snapchatters in the United States who have a debit card and are 18 or older.

Are you a fan of Snapchat? Will you sign up for Snapcash? Lets us know in the comments below.

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