How does it work?
To send money, you simply have to add a payment method - such a debit
card to your Snapchat account. Type a dollar amount into the text-chat
feature, and just hit the green pay button to instantly send money to a
friend!
Here is a video explaining how Snapcash works!
Users in the US who are 18+ can 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.
Beyond peer-to-peer payments, the trademarks could prime Snapchat for
eCommerce and payments to merchants as well. By wedging itself into p2p
payments through a consumer app that tens of millions of people already
regularly use with their close friends, Snapcash could really inject
itself into the lives of people who never considered downloading a
finance app.
Go Snapchat!
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