Popular social app, Snapchat has announced that it will be partnering with mobile payments start-up Square to launch ‘Snapcash’, a service that allows people to send money to their friends via their phone.
The service is currently available to Snapchat users in the US, over the age of 18, with an expectation that it will expand to other markets over time.
The payment processing and security is provided by Square who have several years’ experience in the mobile payments and transaction processing field.
According to the Snapchat blog post announcing the new product, “After you enter your debit card, it’s securely stored by Square, who will swiftly process your payment and send cash directly to your friend’s bank account. Just swipe into chat, type the dollar sign, an amount (e.g. $11.25), and hit the green button.”