Built in to Snapchats direct messaging system, Snapcash can be used to send money from a users bank account to friends also registered with the program.
To transfer cash, users enter a cash amount into a chats subject line, such as USD 10.50, and press send.
The Snapcash platform is powered by Square. Users must first register a debit card from which funds will be withdrawn, or deposited, which will live on Squares server for future transactions.
Snapcash appears to be a repackaging of Square Cash, an internet-connected service that enables people to send money to each other via email, app or the web. Unlike Cash, which draws money from credit cards, Snapcash links directly with users bank accounts.
Currently, the service is limited to users 18 years old and over living in the US.
In recent news, Square has started pre-orders for its new chip-based card readers, which were first unveiled earlier in 2014 and intended to replace the current devices that read cards’ magnetic stripes.
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