When it comes to Snapchat it is no longer just about the pictures and videos, there’s money to be had!
Most recently, the message sharing app, Snapchat, has announced the launch of its new mobile payments’ feature, Snapcash. In association with Square, a money processing company, Snapchat will now allow users to send and receive actual money. Talk about the easy life!?!
All users need to do is follow these simple steps to the gateway of easy money transfers:
1) Link their Visa or MasterCard debit cards to their accounts. Sorry no pre-paid or credit cards accepted.
No need to worry about security though, Snapchat CEO, Evan Spiegel, stated “none of the personal financial information from Snapchat users will reside on Snapchat servers.” Instead, account information will be safely stored with Square who have extensive experience with safeguarding financial information from their successful venture “Square Cash”.
Essentially, by using Snapchat, users are signing up for a Square Cash account and agreeing to Square’s Terms of Service.
Relinquishing this responsibility to Square was a smart move on Snapchat’s behalf considering their recent unfortunate privacy fumbles.
2) Swipe into a chat message with a friend.
Money could only be transferred to friends. You don’t want to be accidentally sending money to random people do you?
3) Transfer the money.
When it comes to transferring the money, users could either type the amount or swipe it.
The “old school” method of typing the amount is quite simple; Snapcash will automatically detect a dollar sign when typed into the body of a message followed by a number (e.g. $5). Doing so will turn the yellow “send” button into a green “cash” button.
The second, and more fun, method of sending money is via swipe. If a user types ($$$) into the body of a message, a green “Snapchat Dollar Bill” will appear on the screen. Each swipe will equate one dollar sent to the receiver. Let the swiping “dance” begin!
Users must be warned though, transfers cannot be deleted once they are sent.
4) Receiving the money.
Now all the receiver needs to do is sit back, relax and enjoy that money! Pending that he/she has a Snapcash account of course.
The amount will automatically be deleted if the receiver does not sign up to Snapcash within 24 hours.
Sounds great so far doesn’t it? Well don’t get too excited yet, there are a couple of rules that apply. Users must be 18 years or older to be eligible for a Snapcash account, living in the United States of America and using an updated iOS or Android app.
Hold on fellow Arabs, the future of easy money snaps has yet to arrive to the Middle East!