Snapcash is a new feature rolling out on the popular photo-messaging app Snapchat this week, allowing users to connect their debit card to their account, and send payments to their friends for free.
"Snapchat has Snapcash — just use your Cashtag!" sings a troupe of tap dancing ambassadors in a promotional video accompanying the
company's announcement.
The new feature is enabled through a partnership with Square, a company cofounded by Jack Dorsey, who also cofounded Twitter. Square first became known for its small credit card readers that plug into the headphone jacks of mobile devices, allowing vendors and individuals to take credit and debit card payments.
"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," the company explained.
Once registered, "Just swipe into chat, type the dollar sign, an amount (e.g. $11.25), and hit the green button," to send a payment to a friend.
As an extra fun feature, the app gives you the ability to "make it rain" dollar bills on the screen of your friend's phone. This will surely appeal to teens, alas, the feature is only available for those 18 and up for now.
The new feature will compete with standalone apps like Venmo and Paypal, but Snapchat does have the advantage of having a user base of 100 million monthly active users. Snapchat hopes users will come for the photo sharing (especially the nude kind), and stay for features like Snapcash.
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