Introducing Snapcash: New mobile payment service from Snapchat

Snapchat has teamed with Square to launch Snapcash – a new service which allows users to transfer money directly to friends through the app.

In a move branded “fast, fun, and incredibly simple” by the company, the new function was created in partnership with Square, a system which allows users to send or ask for money, to help launch the service.

http://www.youtube.com/watch?v=kBwjxBmMszQ#t=109

In a blog post, Snapchat said: “The product you’re seeing today is fast, fun, and incredibly simple. After you enter your debit card, it’s securely stored by Square, who will swiftly process your payment and send cash directly to your friend’s bank account. Just swipe into chat, type the dollar sign, an amount (e.g. $11.25), and hit the green button.”

Snapchat highlighted that is partnership with Square was to ensure security was tight. Currently Snapcash is available to users in the US who have a debit card and are 18 or older.

As the popular social tool continues to diversify its offerings it will be interesting to see if the decentralisation of its make-up will help it achieve market longevity. We’re watching Snapchat!