The mobile communications company Snapchat has partnered with online payment company Square to launch a new service that allows users to remit money to each other. Snapchat Inc. explained in its official blog on Monday: “This service is called Snapcash. This service allows Snapchat users to link their banking information to their own account and chat on smart phones as usual. Then it is convenient and quick. The money is remitted to the contact, and the user simply types a dollar sign and amount and presses a green button."
The Los Angeles-based Snapchat app, which allows users to exchange photos but automatically disappears after a few seconds, marks the latest sign of the company’s expansion plan. The company recently launched a $10 billion fund-raising campaign. According to media reports, the internet company is considered a growing threat, including Facebook and Twitter. Snapchat said in the post: "Our goal is to make payment faster and more fun, but we also know that security is essential." The company said that bank information will be stored and processed through Square's payment, as well as the bank Transfers between accounts. Snapchat said Snapcash is available to US users aged 18 and above.
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