Instant messaging giant Snapchat has announced a new feature that allows users to send money to their friends directly through Snapchat. The feature — called Snapcash — is the result of a partnership between Snapchat and Square, the mobile payment leader. Inspired by Square Cash, which allows users to send money to others by simply typing a dollar amount into the subject line of an email, Snapcash will allow users to type a dollar amount into a Snap to their friend and send them money directly between their bank accounts.
Such a feature is obviously a major security concern, but Snapchat believes that it’s taken the proper precautions. When you enter your debit card, the information is stored by Square, who has experience with this sort of thing. More than that, the feature is only open to those 18 or older who have a debit card. Whether or not those features prevent misuse has yet to be seen, but we’re crossing our fingers and hoping for the best.
The feature will be available soon to Snapchat users.