- Snapchat launches it’s new and exclusive money sharing service ‘Snapcash.’
- Snapcash can be used by all its app users who are over 18 years old.
Snapchat has collaborated with Square financial company that operates on the SnapChat trend of sending and receiving money among it’s users. People are concerned about the security of the app especially with the financial aspects.
Snapchat was revolutionary in its effort to allow its users communicate with snaps of each other. After Instagram, it was like the Twitter of photos. The service allows its users to shoot a snap and send it to your other friend or whoever you want to send it to. The receiver will be able to see the snap for a few seconds before it deletes itself. It sounds fun and easy. There are over 6 million users for the app already.
Snapchat however wanted to do something innovative. They heard that Square Cash was looking to a quick money transference technique. Snapchat got down to devising a new software to make that possible. Square Cash loves it and together they have launched their newest app ‘Snapcash’.
The app owners proudly announced their new product on their blog. They explained how it works and it seems really simple. Once you swipe in your debit card, the account details are detailed at Square. After that you just need to enter the amount of the person you want to send it to. Just enter the amount and press the green cash icon and boom. Money’s sent and received. Money sharing might never have been so simple.
It’s never been so risky either. Snapchat has definitely had security issues. They just faced a trial against FTC where they agreed to being monitored on security concerns for the next 20 years. Snapchat was accused of not telling its users of the save data option and their photos being online.
Hackers have been attacking the privacy of its users. There have been incidents where Snapchat hackers have posted personal information online. Such concerns increased when the app became financial.
With an app associated with so much security concerns, it seems risky to give your money up online to be robbed. Snapchat is aware of the risks and assured its users that Square Cash will be co-managing the app and they are very experienced in the financial field.
Snapcash has high hopes associated with it. Both Square Cash and Snapchat promoted the app fully including making a cheesy musical ad on TV. The ad comes with the warning that only users over 18 years of age can use the Snapcash.
Watch the Snapcash ad below.
Source: Snapchat Blog, Snapchat YouTube
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