Snapchat ventures into friend-to-friend payments with SnapCash

The photo messaging application finally rolls out the feature it filed trademarks for in Q2
Snapchat ventures into friend-to-friend payments with SnapCash

Wish your Snapchat app does more than just aiding you in sending silly pictures of yourself to your friends? It’s got another use now, and it’s one you might not have expected it to foray into.

With Snapchat, you can now not only send pictures and videos, but also cash to your friends. Thanks to a partnership with financial services and mobile payments company, Square, the Venmo-like payment feature is officially here.

Rumours of Snapchat going into the payments space have been circulating for a while now, especially since it filed a few payment-centric trademarks sometime in Q2 this year. Some sources also speculated that Snapchat was building a peer-to-peer payment solution.

The rundown

So here’s how it works – you basically enter your debit card information beforehand, which only Square will have on file since it handles the transactions (that should also guarantee you some level of security) and send a private message to your friend as per how you normally do with Snapchat.

Then you just key in a dollar amount and the app will recognise it as a payment and highlight the green “$” button, which you have to click to go ahead with the transaction. Of course, when you send money using SnapCash, you automatically become a Square account owner.  

But the service is (for now) only applicable to those in the US who own a debit card and are aged 18 years and older. We’re crossing our fingers and toes that the feature gets rolled out to other countries including Malaysia in the coming months too.

READ MORE: Snapchat is finally letting you chat 

[Source: Business Insider