Photo: REUTERS/Eric Thayer
The latest buzzword out there from the L.A.-based Snapchat, is Snapcash. The company, well-known for its temporary image-sharing mobile app and social network, has partnered with Square in an effort to let users send funds to other users via the mobile app. It’s basically a P2P (person to person) payment or a micro payment that users can exchange. The service will let you link a debit card to your account, type a $-symbol and select an amount to send to your contacts.
The service will be available for users 18+ in the U.S. In a post from the Snapchat blog, the company said, “The product you’re seeing today is fast, fun and incredibly simple. After you enter your debit card, it’s securely stored by Square, who will swiftly process your payment and send cash directly to your friend’s bank account.”
Is this a safe way to store and send money? Is this going to get out of hand? Is this the future of mobile payments?