Two cents blog

Send your cash in a Snap!

by Chloe Swan on 19 November 2014

Isn’t it annoying when restaurants won’t split bills? I hardly ever carry cash, which can make it awkward at group lunches when I have to ask someone to shout me with the promise of taking out some extra cash or transferring the money later.

To avoid the hassle of paying someone back later, one of my favourite apps for sending hilarious selfies, Snapchat, has announced a new feature to make payments faster and more fun.

money-image

In a partnership with mobile payments service Square, Snapchat has created Snapcash, which allows users to transfer money to other users of the photo-sharing service.

Square will look after the movement of cash in the new feature, which was announced today in a blog post. The partnership will mean that Square is provided with access to Snapchat’s more than 100 million monthly active users.

Users must add a debit card, which is securely stored by Square. They will process your payment and send cash directly to your friend’s bank account. It’s as easy as swiping to chat, typing the dollar sign followed by the amount (eg. $13.50 for the local Asian restaurant’s lunch time special), and hitting the green payment button that appears.

Watch the launch video for yourself…

 

For now, Snapcash is only available to users in the United States. The feature is rolling out on Android immediately, and is expected to be available for iOS soon.

The addition of the payment capability adds to Snapchat’s push to move past being purely a chat application. This year the app began running ads and streaming content from live events.

But would you trust sending your cash via Snapchat?

While Snapchat says they will not store any sensitive information, who is to say personal information won’t be leaked in a similar way to the SnapSaved.com scandal? With so many active Snapchat users, therein lies the potential for millions of people to have their financial integrity compromised. For now, I’ll stick to transferring cash directly from my bank account to friends for lunch.

What are your thoughts on this new feature? Let us know in the comments below.

Chloe Swan is an Account Coordinator at BCM

- Dwayne on November 19

I'd never trust a company who's willing to spend any money at all on such a godwaful promo.

- Paul on November 19

Thanks for the very timely update. Great to hear about these developments as soon as they're launched. Not sure I'd trust Snapchat with my hard earned however.

- Jona Peck on November 19

Sure, I may trust Snapchat with a questionable photo from time to time... But i'm not going to trust it with my money!

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