Snapchat announced they have partnered with Square to introduce a new service called Snapcash, which marks Snapchat’s first partnership of any kind with another company.
The service is said to be incredibly simple to use. You enter your debit card information into Snapchat, which is securely stored and processed by Square. Then you swipe to chat with one of your contact, enter a dollar amount preceded by the dollar sign (like ‘$15’), and hit the green send button.
Then once the person on the other end receives the payment they have roughly 10 seconds to spend it before it goes away. Just kidding about that! (I hope some of you got the joke). It actually goes directly into their back account, provided they have Square integrated with their Snapchat as well.
Snapchat says they’re working with Square to make this as secure as possible. For now the service is only available to users in the United States who have a debit card and are over the age of 18.
The company says the inspiration for Snapcash came from using and enjoying Snapchat’s existing service Square Cash, where you can send money to others with a simple email. Snapchat proposed the idea to Square, and now we have Snapcash.
For more details about how the service works, watch the video below. And trust me, this is not your average launch video. You’ll see what I mean.