Snapchat has teamed up with payment service Square to launch a new friend to friend money transfer service. Dubbed as Snapcash, the service will allow Snapchat users to send money with a swipe of a finger.
In order to send money Snapchat users will have to add their debit card to the app and swipe into chat, type the dollar sign and the amount you want to send and press the button. Snapchat is promising that Snapcash is a secure way and it will not store your debit card information instead this will be saved by Square.
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When signing up for Snapcash, users are essentially making a Square account and will agree to Sqaure’s terms of service, as well. This is the first time that Snapchat has partnered with another company for a new tool. Snapcash is initially only available to Snapchat users 18 years and up in the U.S., though it will presumably expand to other countries later. It will be available today on Android devices via an update to the Snapchat app. The update will be rolled out to the iOS app soon, according to the company.
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