Snapchat unveils partnership with Square
Mobile messaging firm Snapchat unveiled a new service that allows users to send money to each other.
Snapcash is the result of collaboration with Square, an online payment firm that also offers a stand-alone friend-to-friend payment app known as Square Cash.
“The product you’re seeing today is fast, fun, and incredibly simple,” said Snapchat in a blog post.
The actual cash transfers in the new service will be handled by Square.
“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,” it added.
For now, the new service is available only to Snapchat users in the United States aged 18 and over who have a debit card. Around half of Snapchat users are 17 or younger.
A Snapchat spokesperson revealed that the new service will be rolled out immediately on Android, while iOS availability is expected soon.
When a Snapchat user signs up for Snapcash, they are effectively creating a Square account at the same time. Users are required to add a debit card, which will then be stored by Square.
After the initial setup, transferring money is straightforward, with users simply starting a chat on a smartphone, typing a dollar sign including the amount, and hitting the green button.
Snapchat declined to divulge the financial details of the partnership. The new service is part of Snapchat’s efforts to boost its moneymaking capabilities while moving beyond its chat application origins. Recently, the company started running advertisements on its service.
Snapcash is an intriguing addition to the mobile payment and money transfer sector that is currently being led by PayPal and Venmo.
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