Snapchat has launched Snapcash, a feature that makes it easier for the app's users to send money to other users.
Snapchat is known as the messaging service that allows users to send pictures that are automatically deleted a few seconds after the recipient has seen them. The new feature, the company said, is the first product created by Snapchat in partnership with another company.
The company lauded Square and its money-sending service, Square Cash. With Square Cash, users can simply type in a dollar amount on an email's subject line to be able to send money to friends.
The company decided to create something similar to Square Cash for Snapchat, which led to the development of a prototype for the feature. Snapchat then shared the developed prototype to Square, which agreed to help further develop Snapcash.
Snapchat refers to Snapcash as a feature that is "fast, fun and incredibly simple." Users will first have to enter the details of their debit cards, which is placed in secured storage by Square. Square will process payments made by users and send cash directly to the bank accounts of their friends.
To access the feature, users can simply just access chat, type in the dollar sign and the amount that the user wishes to send and then click on the green button.
Snapchat agrees that security is very important in any feature that deals with money. The company assures its users of the safety of the feature, stating that Square holds a lot of experience in keeping the personal information of its clients safeguarded.
The new feature shows the company's efforts to expand beyond the self-deleting messages that it offers through its app. Snapchat has introduced a new age of social networking services that are focused on the simplest forms of communication, either through pictures or videos. The company claims that 700 million pictures and videos are sent daily by its users.
Snapcash will look to ride on the popularity of mobile payments and cash transfers, recently made even more prevalent with Apple's introduction of its Apple Pay service.
According to research firm Forrester, mobile payments in the United States are expected to triple its current amount by the year 2019 to $142 billion.
The Snapcash feature is now available within the United States to all Snapchat users who are aged 18 years or older and own a debit card.
