Are you sick of Venmo, Google Wallet, or the many, numerous “send money” apps most big banks have? Good news! Snapchat is now in the “send-people-money instantly” game. They just announced something called Snapcash per a partnership with Square Cash and it sounds a lot like Venmo or Google Wallet. A couple clicks and you can send money to your friends instantly. Via Tech Crunch:
Essentially, 18+ US users sign up by adding a Visa or Mastercard debit card. All their account details are held by Square Cash, you don’t have to worry as much about trusting Snapchat, which has had privacy and security problems in past.
While in Snapchat text-chat, you type in “$” then the dollar amount you want to send. Snapchat recognizes you’re trying to pay, changes the send button to a green Snapcash button, and tapping it deposits money into a friend’s account. That cash will be waiting for them when they sign up if they haven’t already. If the friend doesn’t sign-up to accept the payment within 24 hours, the cash will be refunded so you don’t have to worry about money…disappearing.
IOUs are for suckers. Here’s the announcement video Snapchat made, complete with song and dance.
What could go wrong?