Snapchat Now Lets You Lend Your Friends Money
Now that peer-to-peer payment apps like Venmo and Google Wallet are really beginning to get some traction, Snapchat has decided to get in on the action.
Aside from its brand-friendly title, the new feature, which will be included into your already existing app, allows you send cash to your friends. All you'll need to do is input the credit or debit card information into the app.
"The product you’re seeing today is fast, fun, and incredibly simple. 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," Snapchat wrote in a post on the company's blog.
Although some might be hesitant to share their financial details with the company due to past security breaches, you shouldn't worry because Square Cash (owned by the people who help small businesses take credit with a small plastic square and their mobile device) will be the one keeping your information safe.
While the video that introduces the new feature shows a girl using her iPhone, Snapcash is currently for the Android at the moment. However, Snapchat is hoping to roll out the iOS version soon.
Watch the Snapchat's video introduction to Snapcash