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Snapchat launches money transfer service

Sending video clips and images has become second nature, and it’s now getting easier to transfer cash too.

SnapcashSnapchat users will soon be able  to send money to contacts following a recent announcement.

The team behind the photo messaging app has teamed up with payment processing company Square to launch a new money transfer service, which will be known as Snapcash.

Square currently allow users to transfer funds type a dollar amount into the subject line of an email, but this new venture allows Snapchat users to make a payment at the click of a button, similar to other mobile payment services, such as Venmo and PayPal.

The launch of Snapcash was announced in a rather bizarre video.

Here’s how it works…

1. A user enters their banking information into Square Cash’s servers.

2. To send a payment, a Snapchat user then types in the dollar amount ($20 for example) that they’d like to send in a private message.

3. The app recognizes the dollar amount and a green payments button appears, which a user would tap to complete the payment.

But unlike when you send pictures and video, Snapcash  doesn’t delete a customer’s bank details after 10 seconds, something that worries some.

And in an effort to alleviate security fears Snapchat recently claimed; “We set out to make payments faster and more fun, but we also know that security is essential when you’re dealing with money.”

Initially Snapchat is only available to users in the United States who have a debit card and are over the age of 18, but it’s thought the company will roll it out on a global scale if it proves to be successful.