Also Read: Is Twitter Launching Payment Services?
It might sound weird. SnapChat, the millenial social network by excellence, surprised everyone today when launching a new service to send money to your SnapChat friends. The service has been developed in partnership with Square, an online credit card and payment solutions.
To activate the service, you will need to have a SnapChat account, be aged 18+ and have a debit card. Once you add your debit card number into SnapChat, the service is activated. SnapChat says that all your banking data is securely stored by Square, which also handles the actual payment processing.
Once you are set up, you will see the dollar sign into your chat window. All you have to do is tap on it, select the amount you want to send and then hit the green button. Your friends will then receive its money.
An interesting fact is that there was already a service called Snapcash online, not associated to SnapChat not the actual new service. I wonder how SnapChat will deal with that one…
For the moment, SnapCash is only available to users who live in the US.
- Skype Launches Qik – Another Snapchat Lookalike?
- Infographic: Should Your Brand Be on Snapchat?
- SnapChat Adds Text Messaging and Real-Time Video Calls
You might also like
More from Snapchat
The new Ticketmaster Snap Mini will allow Snapchat users to find nearby events on the map, and tap on them …
Snapchat is introducing a new way to keep track of where your friends are by seeing their real-time location on …
Snapchat will now let you change your old username without compromising aspects of your account, like friends list, Snap codes, …
Snapchat has announced the beta test of mid-roll ads in Snap Star Stories, a new monetization feature for creators.
Snapchat has improved its AR shopping Lens offering by adding new Shopping Lenses that display details about products.
Snapchat is updating its app with new tweaks to personalize the in-app experience and make it more fun and engaging.
The holiday market will feature AR experiences from Coca-Cola, Hollister, Prime Video, Under Armour, Verizon, and Walmart.
Snapchat's new "Multiple Formats" delivery option will allow advertisers to combine multiple video ad formats into a single ad set.