Snapchat has just announced a partnership with mobile payments service provider Square to introduce Snapcash, a payments feature that lets you transfer money between accounts and to your friends on the ephemeral photo-sharing platform.
The new service, announced via blog post, will provide Square with access to Snapchat’s more than 100 million monthly active users and will initially only be available to Snapchat users in the United States who have a debit card and are 18 or older. The feature is rolling out on Android immediately, and it’s likely that iOS availability will be rolled out soon.
When using the service, a Square account is also created, and all debit card information will be stored through Square, not through Snapchat, so those security issues should hopefully be abated from the get-go. Once you’ve signed up, you can swipe into a chat, type a dollar sign and amount and hit the green button to send money.
“we … know that security is essential when you’re dealing with money”
“We set out to make payments faster and more fun, but we also know that security is essential when you’re dealing with money,” Snapchat said of the service. “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.”
You can download the latest version of Snapchat here. What do you think of the new Snapcash service?