Snapchat and Square Partner Up for 'Snapcash' Money Transfers

[MacRumors]

Snapchat today announced a partnership with Square for a new "Snapcash" feature that allows Snapchat users to quickly send money to one another using Snapchat's built-in chat function.

After entering a debit card number, which is stored securely by Square, Snapchat users can swipe into chat, type a dollar sign, enter a payment amount, and hit the button to send money instantly.

Snapcash functions similarly to Square's own Square Cash feature, which allows people to send cash via email, and because Square handles all of the payment information, it's as secure as the company's other payment options.

We set out to make payments faster and more fun, but we also know that security is essential when you're dealing with money. Square has a ton of experience in this area and our teams have been hard at work to make Snapcash a great experience for everyone.

Snapcash is currently limited to Snapchat users in the United States who have a debit card and are 18 years of age or older. The Snapcash feature will be added to the Snapchat app in an update coming later today.

Snapchat can be downloaded from the App Store for free. [Direct Link]

Article Link: Snapchat and Square Partner Up for 'Snapcash' Money Transfers

 

[Revearti]

I only pay friends with bags of gold coins or rupees.

 

[ELBdelorean]

Are there any fees associated with it?

I only pay friends with bags of gold coins or rupees.

So that's what these 'Bitcoins" are that I've been hearing about.

 

[Glassed Silver]

Not sure whether they are aware of what their user base is like.

I believe the amount of people who use snapchat for, let's say unconventional friends and conversations, is a bit higher than those who use it just like iMessage, Skype, etc...

Glassed Silver:mac

 

[josephstein]

Snapchat is so buggy and ugly. I'm really surprised to hear this

 

[ModestForumName]

Before anyone needs to ask why this is needed; Sex stuff. I'd almost guarantee it 100%.

 

[giraffle]

Smells like disappointment.

You can figuratively smell the "I went to Juilliard for this?" wafting off these poor folks.

 

[displayblock]

Not sure whether they are aware of what their user base is like.

I believe the amount of people who use snapchat for, let's say unconventional friends and conversations, is a bit higher than those who use it just like iMessage, Skype, etc...

Glassed Silver:mac

Or they know exactly who their user-base is! "Want me to take it off? Snapcash me $5 and I'll show you more ;-)"

 

[Scyanide]

This has bad idea written all over it.

Considering, I'm assuming, the major use of SnapChat is sending nude pictures in private to one another. There will be blackmailing attempts where a stranger will demand money else those saved snaps will be sent out online.

Watch, it'll happen.

 

[bushido]

Yet still no iPhone 6 optimization in sight. Smh indeed

 

[Glassed Silver]

Or they know exactly who their user-base is! "Want me to take it off? Snapcash me $5 and I'll show you more ;-)"

Good point.

Glassed Silver:mac

 

[coder12]

This has bad idea written all over it.

Considering, I'm assuming, the major use of SnapChat is sending nude pictures in private to one another. There will be blackmailing attempts where a stranger will demand money else those saved snaps will be sent out online.

Watch, it'll happen.

With how many times this app has been legitimately hacked, I'd be surprised if this hasn't already happened.

edit for clarification: Since the card data is kept with square, and 'The Snappening' (Oct., 2014) was from a 3rd-party app, I'm not questioning the security of the app.

 

[akierlanc]

Yeah... I trust Square, but I'm worried about Snapchat's role in the process.

 

[slu]

Before anyone needs to ask why this is needed; Sex stuff. I'd almost guarantee it 100%.

I was going to say this is going to be DOA, but I had not considered this use case. I think you are right.

 

[lincolntran]

So snapchat is about sexting and square is about $, one might be tempted to connect the dots.... #

 

[Satori]

What could possibly go wrong!

 

[Bchagey]

Internet prostitution. Apple will pull it.

 

[Will do good]

Porn producers are all rejoicing this feature.

 

[macfoxpro]

What a way to ruin a good chance to plug a product. That video was horrible...all 12 seconds of what I watched.

 

[MacSince1990]

This has bad idea written all over it.

Considering, I'm assuming, the major use of SnapChat is sending nude pictures in private to one another. There will be blackmailing attempts where a stranger will demand money else those saved snaps will be sent out online.

Watch, it'll happen.

You know what, you're probably right.

I do use Snapchat, and that isn't what I use it for (it's just fun, and it reduces clutter by not saving tons of images or videos), but this just sounds like a bad idea.

 

[AlecZ]

Does the money disappear after 10 seconds?

 

[Pakaku]

This has bad idea written all over it.

Considering, I'm assuming, the major use of SnapChat is sending nude pictures in private to one another. There will be blackmailing attempts where a stranger will demand money else those saved snaps will be sent out online.

Watch, it'll happen.

Paypal has existed long before this partnership. Why would blackmailing only start now?

 

[ThunderSkunk]

That was the best promo video I have ever seen.

 

[AlecZ]

Or they know exactly who their user-base is! "Want me to take it off? Snapcash me $5 and I'll show you more ;-)"

I didn't think about that, and you're totally right.

 

[Romey-Rome]

Ha. Hookers have their own payment system now.