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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"?