If you’re being valued at $10 billion, you’ll have to show investors that you’re capable of making money sooner or later. And Snapchat’s method of generating money is starting off with something that the company calls Snapcash. The new service allows users to transfer cash as easily as sharing photos on Snapchat. Snapcash has been built with help from Square.
To use the service, users will need to save in their debit card information on Snapchat, which will be stored on Square servers (we don’t think it’s got anything to do with the recent data leak). When users need to transfer cash, simply open up a chat and enter $ followed by the amount you wish to transfer. This brings up a new green button which the users need to tap to transfer the funds. The transaction will be carried out by Square Cash.
The service is currently available in the US to all users who are above the age of 18 and have a debit card. There’s an update for Snapchat sitting in the Play Store, however, we’re seeing nothing for the iOS version yet. Oh, and to help you understand better, Snapchat has posted a sleazy looking video on its YouTube channel. Check it out below.