Snapchat is an app that lets users send messages to other users on a timer, basically meaning that after a certain amount of time preset by the send, the message will be deleted. This is great for sending photos and messages that might be too sensitive to be saved on one’s phone, and so far it looks like Snapchat is a huge success.
So what’s next for the company? Well it looks like mobile payments could be next. Snapchat has recently announced a new service/feature called Snapcash. The premise is the same as Snapchat in which users can send messages to one another, except that in this case, users will be able to send money directly to one another.
How does it work? Well according to Snapchat, users just need to launch the app, type in the “$” sign followed by the amount, and the money will be sent! Of course users will need to set up their financial information first before the money can be sent, and while it does sound pretty simple, it sounds like it could potentially be abused.
However Snapchat reassures that security is at the forefront of their minds as Snapcash is a feature they launched in a partnership with Square. Square will be the company responsible for processing your payment and for securely storing your financial data. This service will also be limited to those with debit cards and who are aged 18 and older.
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