Snapchat Could Gain A Valuable Foothold In Mobile Payments
With millions of existing users, Snapchat could be a solid competitor in the peer-to-peer money sharing business.By Ben Lawson | November 17, 2014
Snapchat announced Monday that users of the popular photo-sharing app will soon be able to send friends something that will last more than 10 seconds: cash.
Snapchat is teaming up with Square to launch Snapcash, a service that allows friends to send money to each other by simply typing in a dollar amount and pressing send. It used this — we'll say enthusiastic — video to break the news.
Right now, only Android users 18 and older that also have a Visa or Mastercard debit card can use Snapcash, but it's likely to expand to iOS and other card carriers as well.