Snapchat has teamed up with Twitter co-founder Jack Dorsey’s Square to roll out a new mobile money platform called Snapcash that allows users to send each other cash. It launches on Android with iOS to follow.
While the arrival of Apple Pay caused many to question the future of Square, which makes devices that sit on smartphones and can take credit card transactions, the San Francisco m-commerce company was secretly working with Snapchat on a potential game-changer all along.
The new tool, currently only available in the US, allows people to send and receive money through the Square Cash app.
Users just type out the dollar amount they would like to send as any part of a private message in Snapchat.
The app selects the amount, which is automatically highlighted in green thanks to the dollar sign, and users can simply tap the amount to accompany the message.
New users who sign up for Snapchat will at the same time create a new Snapcash account.
All credit and debit card details will be store on Square’s servers.
Money makes the world go Square
“We’re huge fans of the folks at Square and have been big admirers of Square Cash since it launched – just type a dollar amount into the subject line of an email and send cash to friends. Genius!”, explained Snapchat CEO Evan Spiegel.
“We loved it so much that we wanted to create something with them that felt Snapchat-y. So we built a Snapcash prototype and shared it with the team at Square. Luckily for us, they were just as excited as we were and wanted to build it together.
“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. Just swipe into chat, type the dollar sign, an amount (e.g. $11.25), and hit the green button.
“We set out to make payments faster and more fun, but we also know that security is essential when you’re dealing with money. 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. For now, Snapcash is available to Snapchatters in the United States who have a debit card and are 18 or older.”