We all know Snapchat lets you send quick photos to your friends, but what if you could be sending or receiving cash instead of selfies?
This is now possible, thanks to Snapchat’s newest update. Users can now send their contacts money, just as they would a typical picture.
Snapcash, the name they have coined for the service, allows users to link their debit cards to their account to send and receive money from other users.
The service was created through a partnership between Snapchat and Square, a payment processing company. Currently, there is no fee to use the service.
UCF Senior accounting major Terence Holiday is not impressed with the new service.
“I wouldn’t use it,” Holiday said. “There are already established apps for transferring money, like Venmo. The majority of larger banks have a way of transferring money via app,” Holiday added.
While convenience is nice, security should be a focus when dealing with bank accounts or debit cards. Considering Snapchat’s recent history of hackers downloading countless photos, many are worried about the safety of their account numbers.
It turns out that Snapchat will not be handling any of the payments, or even account information. While still done through the app, all financial related information is processed by Square.
According to Square, all payment is passed through Square, encrypted and submitted to their servers securely.
Additionally, Snapcash can be set up to prompt the user for a security code for each transaction.
To use Snapcash, users must be at least 18, and register a debit card with the service. Credit cards cannot be used with the service.
Will Snapcash be able to grow? Will security concerns prevent the app from becoming mainstream? Only time will tell.
One thing’s for sure; With this new update, it finally pays to Snap.
