Snapchat introduced money transfers between users

Photo messenger Snapchat launched the Snapcash service, which allows you to send money to friends. This was said in a statement. So far, the service is only available in the United States to persons over the age of 18.

To use the new option, you need to enter the dollar symbol in the message field, the required amount, for example, "$25", and click on the green button that appears. The money is sent directly to the selected friend's bank account. In this case, you must first link your debit card to your account.

The innovation was made possible by Snapchat's collaboration with Square, a money-transfer service run by Twitter co-founder Jack Dorsey. All transactions will go through Square, and the service will also store information about the cards.

According to Dow Jones Newswire, Snapchat will not receive any revenue from the new service, but the company may subsequently monetize the product by selling services and goods through it.

Previously, a hidden feature for transferring payments between users was discovered in Facebook Messenger by a student at Stanford University, which, according to media reports, is scheduled for release in the US in a few months. And in October of this year, Twitter allowed its users in France to transfer money to each other.

Snapchat is a mobile application that allows you to share photos, videos, text messages, and drawings with other users. The peculiarity of the service is that the user sets a time limit at which you can watch a video or photo. After the limit expires, the file is deleted. 700 million such files are sent via Snapchat every day. The photo messenger is valued at $10 billion. How To Send Money On Snapchat?

How to send Snap Cash on Snapchat

Back in 2014, Snapchat partnered with Square to create an easy-to-use mobile payment system. For about four years, users have been able to send and receive money through Snapcash. However, this service is no longer available from the end of August 2018.

Useful settings and functions of the Cash app

Compared to the discontinued Snapcash, the Cash App offers more payment options. For example, the app offers users a free Visa debit card that they can use to withdraw money from an ATM.

To preview/change settings, tap the profile icon in the top left corner. The next menu allows you to set up a security lock, which can be a cash PIN or a fingerprint scan. You can view your funds and linked cards/bank accounts from the same menu.

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The Cash app is also Bitcoin friendly and you can purchase cryptocurrency through the app. If you want to add more payment methods, just click Add Bank under Funds and enter your account information.

The Auto Add Cash option is also available and you can set it up for different conditions, such as a certain frequency or when your balance is low. Of course, you can cancel the function at any time.

Among other things, the app also allows you to customize your privacy settings, change your profile information, and more.

Why Snapchat canceled Snapcash

The company has not made a public announcement as to why it has decided to discontinue its peer-to-peer payments service, nor has it provided statistics on Snapcash usage.

But one can speculate that perhaps it's because Snapchat has (perhaps accidentally) become a place to sell amateur adult content. As a result, some users may have used Snapcash to obtain explicit images from other users.

Cha-Ching you got cash

Given the fact that mobile payments are on the rise, it's surprising that Snapchat has decided to cancel Snapcash. Also, the leaked code showed that you can use the Snapchat camera to scan products and jump directly to Amazon results.

It's not exactly the same as Snapcash, but it could be a kind of e-commerce marketing. When all is said and done, your best bet is to check out the Cash App if you have a soft spot for Snapcash.

Snapchat introduced money transfers between users