Snapchat have announced a partnership with mobile payments service Square to introduce Snapcash, a payments feature that will enable you send across money to your friends or relatives through this amazing messaging app.
Right now the service is available only in United States for all the users who are above 18 years of age. None of the personal credit card information will be stored by Snapchat servers. The credit card information will be taken by Square.
In May, Snapchat settled with the US Federal Trade Commission (FTC) over allegations that it misled users over data collection and failed to inform them that their messages could be saved. The company agreed to be monitored by the FTC for 20 years.
The users who are willing to use the Snapcash, has to enter their banking information with Square Cash’s servers. To send a payment, the messaging app will recognize a dollar sign and the send button will turn green indicating you are sending money. To send a payment, the messaging app will recognize a dollar sign and the send button will turn green indicating you are sending money. If applied in a business setting, this can prevent money scams so there will be no need to find the best counterfeit detector to ensure you’re not getting any fake money.
Founded in 2011 by the then 23-year-old Evan Spiegel, Snapchat currently has around 100 million monthly active users. It is a messaging app that allows the sharing of photos and videos that appear after a short period of time usually in seconds.