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Snapchat launches Snapcash payment service with Square

Snapchat has launched its own payment system to allow users to swiftly whizz money across to each other.

The payment system is powered by Square, and it’s called Snapcash. The user simply enters chat, types the dollar sign and amount, and then hits a green button to send a payment directly to a Snapchat friend’s bank account.

Of course, you’ll need to enter your debit card details, which are stored by Square in order to facilitate the Snapcash payment. Security is obviously a prime concern, which is why Snapchat notes in a blog post that “we also know that security is essential when you’re dealing with money.”

The company added: “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.”

In what is unlikely to be a coincidence, Snapchat also just announced that it’s banning third-party apps from being used in conjunction with its service, following a high-profile data breach which was carried out via such apps.

We won’t get Snapcash in the UK yet, though – for now, it’s US only (and for those who are 18 or over, with a debit card, naturally enough).

There are certainly reservations out there, though. As one user put it in the comments, the "app that many people use drunk or on drugs now is in charge of bank accounts"?

Darren Allan
Contributor

Darran has over 25 years of experience in digital and magazine publishing as a writer and editor. He's also an author, having co-written a novel published by Little, Brown (Hachette UK). He currently writes news, features and buying guides for TechRadar, and occasionally other Future websites such as T3 or Creative Bloq and he's a copy editor for TechRadar Pro. Darrran has written for a large number of tech and gaming websites/magazines in the past, including Web User and ComputerActive. He has also worked at IDG Media, having been the Editor of PC Games Solutions and the Deputy Editor of PC Home.