Have you ever found yourself wishing you could instantly send cash to your friends with the same service you use to send ephemeral pictures? Well you're in luck because Snapchat has announced a new feature today called 'Snapcash.' The new service will allow you to instantly send money to your friends by simply entering the dollar amount into a message on Snapchat and tapping the send button.
Snapcash was developed in partnership with Square, which already has a similar service called Square Cash that allows users to send money over email.
Snapchat describes the new service in the blog post as follows:
The product you're seeing today is fast, fun, and incredibly simple. After you enter your debit card, it's securely stored by Square, who will swiftly process your payment and send cash directly to your friend's bank account. Just swipe into chat, type the dollar sign, an amount (e.g. $11.25), and hit the green button.
For those who are worried about the security of your payment information in Snapchat's hands, apparently Square will be heading up that front:
We set out to make payments faster and more fun, but we also know that security is essential when you're dealing with money. 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. For now, Snapcash is available to Snapchatters in the United States who have a debit card and are 18 or older.
Snapchat didn't address when the service will be available, but it will presumably require an update that can't be too far off.