Just when we thought social networking apps couldn't get anymore unconventional, along came snapchat with a whole new trick up its sleeve. The popular photo messaging app that recently had its big break has announced the a new feature called "Snapcash" through a deal with Square cash, the new feature allows users to send money to their friends a simply as sending a text message. The feature rolled out on the Android version of the app, with the IOS version coming soon.This isn't the first time that a social networking app delved Into a peer-to-peer payment system.
Just two months back, Twitter announced a feature where users in France could send money to each other by simply making a tweet. This Snapcash feature isn't very different in essence.
How It Works?
To send money, you simply have to add a payment method - such as 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!
Below is a video that explains how Snapcash works intuitively.
Users in the United state who are 18+ can sign up by adding a Visa or MasterCard debit card to their accounts. All their account details are will be held by squarecash, so you don't have to worry about your credentials being with snapchat, we all know snapchat has had privacy and security problems in the past.
While in Snapchat text-chat, you just have to type in the "$" then the amount you want to send. Snapchat will then immediately detect that you're trying to pay, and then changes the 'send button' to a green Snapcash button, and tapping it deposits money into a friends account. That cash will be waiting for them whenever 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 your 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 customer app that tens of millions of people are already using regularly with their close friends, Snapcash could really inject itself into the lives of people who never considered downloading a finance app.
0 comments:
Post a Comment