Snapchat and Square Partner Up for 'Snapcash' Money Transfer

Short messaging app Snapchat has banded together with mobile payment company Square to launch another payment service Snapcash.

The recently launched service permits Snapchat users to connection their debit cards to their account and send money to a contact by beginning a chat on cell phone, writing the dollar sign, entering a sum, and hitting the green catch, Snapchat wrote in its official Blog Post. The same is indicated in the feature below.

This move is in accordance with Snapchat's extension plans which esteemed at USD 10 billion in its late raising support. As per a late report by comscore, Snapchat is presently the third most prevalent app among millennials (18-34 year olds). The app is more famous than Twitter, Pinterest, Vine, Google+ or Tumblr inside millennials demographic.

"We set out to make payments speedier and more fun, yet we additionally realize that security is key when you're managing money" the company included.

Until further notice, Snapcash is accessible in the United States for users who have a debit card and are 18 or more established. Also, the Snapchat said that debit card data will be safely put away by Square, who will quickly transform the payment and send money straightforwardly to user companion's bank account.

This gimmick will be constrained by Square's penetration universally, and Snapchat will need to tie up with diverse nation particular shippers to abstain from getting into issues with government dominant voices in the separate nations. Despite the fact that US could be a guinea pig for this peculiarity, since doing fiscal exchanges over a cool messaging app may not draw in all the users. Also after the late news of Snapchat pictures being spilled on the net the security is still an issue.

Snapchat likewise advertised on Monday that it will bann  all third party apps access to its apps to improve user privacy and security, however this still may not relieve the suspicious ones.