Snapcash will allow users 18 years and above to enter their debit card data just like in Square then swiftly process their payment and send cash directly to their friend’s bank account.
“Just swipe into chat, type the dollar sign, an amount (e.g. $11.25), and hit the green button,” Snapchat announced. “We set out to make payments faster and more fun, but we also know that security is essential when you’re dealing with money.”
All the debit card data and all the transactions are held securely by Square, and Snapchat has no access to users credit card data. Snapcash is available to Snapchatters in the United States who have a debit card and are 18 or older. Facebook is also said to be working on a similar initiative.