Snapchat is a platform known for vanishing messages and thanks to a partnership with mobile payments specialist Square, it also provides a way for friends to send and receive money. The company announced the feature, known as Snapcash, on Monday via blog post.
In it, the company said they were huge fans of the team over at Square and have been admirers of Square Cash since it launched (if you recall, Square launched Square Cash a little over a year ago as a way to send money to someone simply by sending them an e-mail).
Snapchat said they wanted to create something similar so they built a prototype and shared it with the Square gang. As it turns out, they liked it and wanted to help build Snapcash.
To use Snapcash, you’ll first need to link a Visa or MasterCard debit card to your Snapchat account. Account details are stored on Square’s end so security shouldn’t be too much of a concern (Snapchat’s security has been spotty in recent memory).
When you’re ready to send cash to a friend, simply type the “$” symbol followed by the amount you wish to send then tap the green Snapcash icon. Doing so will transfer the funds from your account to theirs. In the event the recipient hasn't linked an account, they’ll have 24 hours to do so or the money will be refunded.
As of now, Snapcash is available to Snapchat users in the US that are 18 years of age or older and have a debit card.