Snapchat partners with payments provider Square to provide fast payments alongside self-destructing selfies
Snapchat has announced that users will soon be able to send and transfer money using the app thanks to the launch of a new service.
The company has teamed up with e-commerce experts Square to launch Snapcash, which will allow Snapchat users to quickly and safely send money directly to their contacts alongside the usual deluge of selfies and self-destructing messages.
Users simply need to open up a chat window, type the dollar sign, the amount they want to send, and hit send to have the money sent to their contact. User information is stored by Square, who take over the payments process in a similar fashion to its existing Square Cash service.
The service is available from today to any Snapchat users aged 18 or over in possession of a valid debit card, although it will initially only launch in the United States.
“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 company wrote in a blog post announcing the news. “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.”
The launch is Snapchat’s first product created in partnership with another company, and marks a big step as it looks to expand its business in an increasingly competitive marketplace.
Last month, the company announced it would be introducing in-app adverts in an attempt to boost revenues. The firm presented a 20-second advert for horror film Ouija to customer in the United States, marking the first time commercial content had been seen on the app.
Snapchat has enjoyed a phenomenal growth since its launch three years ago, and famously turned down a $3 billion acquisition offer from Facebook last November. The company records little revenues, but has benefitted from a being part of a series in major investments in messaging and social media services, with Yahoo reportedly investing up to $20 million into the company later this year.
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