Snapchat debuted Snapcash yesterday - a way to quickly and easily pay back a friend using the Snapchat smartphone application.
Snapchat partnered with Square, who was already doing this with their own app, to collaborate and make this process of sharing money more "Snapchat-y," Snapchat explained in a blog post Monday.
To use Snapcash the user must enter their debit card info in the app, which is securely stored by Square. To pay a friend, go to the chat screen and type in an amount with a dollar sign (ex: $10.50). The send button will turn green, which tells Square to processes the payment and put the cash directly in the friend's bank account. The friend has 24 hours to accept the cash from their application.
Snapcash only accepts Visa and MasterCard and users must be at least 18-years-old to use this portion of the application.
Snapchat users are still skeptical about the new money-sharing addition to the application:
Snap cash is a great idea but Snapchat is the wrong platform to do it on
— Farbod Zahiri (@farbod007) November 18, 2014
I predict massive fraud with snapcash and it's probably only gonna be used to pay people for nudes — Heather (@bbheaths) November 18, 2014
you really think people are going to trust #snapcash?
— Florence (@__florencesmith) November 18, 2014
Check out this video to see how Snapcash works:
