![]() ![]() Its popularity has spawned a slew of similar apps – Facebook’s Slingshot and Instagram’s Bolt among them – and led to multi-billion-dollar acquisition offers. Launched in 2011 by Stanford University graduate Evan Spiegel, Snapchat has grown fast and now has around 100 million monthly active users. Related video: Snapchat could gain a valuable foothold in mobile payments “Square has a ton of experience in this area and our teams have been hard at work to make Snapcash a great experience for everyone.”įor now, the new feature works for Android users only (with this update), though iOS users of Snapchat should also get it soon. “We set out to make payments faster and more fun, but we also know that security is essential when you’re dealing with money,” the startup said in its post. ![]() In a blog post unveiling Snapcash, which is similar to other money-transfer services offered by PayPal and Venmo, Snapchat described its new feature as “fast, fun, and incredibly simple” to use.īefore you wave bye-bye to your cash, or hopefully welcome some from another user, you’ll need to enter your debit card details.Īfter that, to send cash, it’s a simple matter of swiping into chat, typing the dollar sign, entering an amount, and, finally, hitting the green button that appears.Īware that it hasn’t had the best headlines when it comes to matters of security, Snapchat is keen to reassure potential users of its new service, promising that Square “securely stores” your debit card details and safely processes payments. ![]()
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