AUSTIN (KXAN) — The makers behind popular photo-sharing app Snapchat are now bringing a new facet to its app — and it’s green! People now have the ability to chat their cash amount straight from their bank account. The new Snapchat feature is called Snapcash, which lets people use their “cashtag” to wire money over the phone to other Snapchat users. It’s a partnership with Square, which launched a service that lets you type a dollar amount into the subject line of an email and send cash to friends.
“We loved it so much that we wanted to create something with them that felt Snapchat-y,” says the Snapchat team. “So we built a Snapcash prototype and shared it with the team at Square. Luckily for us, they were just as excited as we were and wanted to build it together. The product you’re seeing today is fast, fun, and incredibly simple. 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. Just swipe into chat, type the dollar sign, an amount (e.g. $11.25), and hit the green button.”
Snapchat rolled out a cheeky Broadway-style commercial unveiling the new rollout.
Snapchat says they set out to make payments “faster and more fun, but we also know that security is essential when you’re dealing with money.” They say Square has plenty of experience in this financial arena and are confident it will be secure. Snapcash is available to Snapchatters in the United States who have a debit card and who are at least 18 years old.