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Snapcash; A New Era of Money Lending

posted Dec 11, 2014, 8:19 AM by Unknown user

Carlee Schmelzer

Shortly following the leak of thousands of Snapchat photos, this startup has teamed up with the money app Square to create a collaboration app called Snapcash. The premise of this new app is that users can send money through a process similar to the way Snapchat sends picture.This update shows users that Snapchat is trying to evolve in function beyond the services that made the app popular in the first place.

Snapcash requires that users store their bank account information with Square which handles the back-end money exchange. The user simply enters the dollar amount, accompanied by the dollar sign, into a chat and sends it to a contact. Those who already had the Snapchat app may have seen the promotional video sent to all users, illustrating how to use the new feature.

Perhaps wary of privacy concerns, the company, which has has long faced questions over its security, smartly decided to let Square handle user financial data, rather than storing debit account information itself.

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