While Google Wallet, Venmo and more try to take the business approach to the peer-to-peer payments, Snapchat today announced the partnership with the mobile payments service Square to introduce Snapcash, which is the payments feature which allows you to transfer money through Snapcash on the Snapchat platform.
Square service will handle the actual cash movements in the new feature and it now lets you to add the debit cards, type the amount you wish to transfer in the Snapchat’s text-chat feature and tap on green pay button which will send the money instantly to a friend. This new features is currently available to the Android devices and is coming to the iOS soon and available to Snapchat users in United States.
When the user signs up for Snapcash, he is also creating the square account and must add the debit card details which are stored by Square. After this transferring the money is straightforward and easy. Snapchat has declined to discuss the further financial details of the partnership. Addition of this new payments feature to the Snapchat, push it to move beyond its origin as a chat application and it is already in talks with the media companies to develop the content for its platform which recently began running ads and moved into live event space.
Snapchat becomes an captivating competitor in the mobile payment and the money transfer space which is currently led by PayPal and Venmo. With the millions of users already regular use with their close friends, Snapcash could inject itself into the lives of the people who never even thought of downloading a financial app.