Snapchat's New Feature, Snapcash, Lets You Send Money to Friends
Laura McQuarrie — November 19, 2014 — Tech
References: blog.snapchat & mashable
Snapchat just announced a new partnership with Square and a new mobile payment system that's being called 'Snapcash.'
Now, when a user signs up for a Snapchat account, an account with Square is also created and linked to a debit account. To transfer money, it's as simple as typing in a dollar sign and hitting the green dollar sign button to send—just like a photo on Snapchat, your funds will disappear. For now, this feature is only available to those in the United States who hold a debit card and are above the age of 18. If you need to quickly borrow cash from a friend, or pay someone back in a hurry, this is a great way to make transactions happen as quickly and as easily as possible, especially since it all happens from within a chat.
Now, when a user signs up for a Snapchat account, an account with Square is also created and linked to a debit account. To transfer money, it's as simple as typing in a dollar sign and hitting the green dollar sign button to send—just like a photo on Snapchat, your funds will disappear. For now, this feature is only available to those in the United States who hold a debit card and are above the age of 18. If you need to quickly borrow cash from a friend, or pay someone back in a hurry, this is a great way to make transactions happen as quickly and as easily as possible, especially since it all happens from within a chat.
Trend Themes
1. Mobile Payment Integration - The integration of mobile payment systems within communication apps is becoming increasingly popular, creating opportunities for businesses to tap into a new form of monetization.
2. P2P Payment Services - Peer-to-peer payment services are becoming more convenient and user-friendly, creating opportunities for businesses to capitalize on the trend by finding new ways to integrate these services into their platforms.
3. Disappearing Payment Systems - The utilization of disappearing payment systems is becoming more widespread as users seek security and privacy while conducting transactions, opening the door for businesses to chime in on the shift.
Industry Implications
1. Fintech - Financial technology companies can leverage the trend by developing innovative solutions that integrate mobile payment technology with communication apps.
2. Social Media - Social media companies can find opportunities by incorporating peer-to-peer payment services within their platforms or by partnering with payment service providers to offer a seamless experience for customers.
3. E-commerce - E-commerce companies can benefit from the trend by integrating with mobile payment systems to streamline the checkout process and provide a more user-friendly experience for customers.
2.1
Score
Popularity
Activity
Freshness
