Snapchat have joined forces with online payments company Square to bring you the latest peer-to-peer money transfer service, Snapcash.

Simply put, it means Snapchat users can now transfer funds to contacts as easily as starting a chat, typing a dollar sign followed by an amount and hitting the green button.

Once a user registers their debit card details with Snapchat it is stored by Square, allowing the app to process payments and move funds directly into other users’ bank accounts.

This is the ad that launched the service on Monday –

Currently the service is only available to Snapchat users in the United States, aged over 18 and have a debit card, but I’m sure it will reach our shores soon enough.

Various solutions to mobile payments have had their shot and with NFC failing to take off P2P Payment apps are here to stay. Square themselves have successfully run Cash, their own transfer app, since 2013, while rivals such as Google Wallet and Venmo have been in use for just as long but none of them have really dominated the market – a market which may be worth a staggering $721 billion by 2017, Gartner predicts.

Most people agree this isn’t collaboration for collaborations sake, (cough, Über/Spotify, cough) as Snapchat filed peer-to-peer payments trademarks in July for “Computer application software for processing electronic payments to and from others that may be downloaded from a global computer network” and “Electronic transfer of money for others; providing electronic processing of electronic funds transfer, ACH, credit card, debit card, electronic check and electronic, mobile and online payments”. This is almost certainly a move towards in app purchases as well as p2p.

With Mark Zuckerberg poaching PayPal’s President David Marcus way back in June to head up Facebooks Messenger unit, it seems like everyone is trying to get into the mobile payments market, and it’s sure to liven up shortly.

Latest Posts

The demand for visually captivating video content is higher than ever. Marketers need to produce eye-catching visuals quickly and efficiently, fortunately, advancements in mobile technology have made this possible to happen from devices that fit in our pockets. In this realm CapCut has emerged as a game-changer, empowering marketers to…
Read More
Stay updated with the constantly evolving world of social media. Discover the latest highlights here: WhatsApp adds new status colours and fonts WhatsApp has introduced new creative features for its “Status” option, offering more ways to personalise your temporary updates.   Read more here. TikTok launches program to…
Read More
While social media platforms offer unparalleled reach and engagement, they also expose companies to the scrutiny of a sometimes very unforgiving global audience. What happens when a brand’s reputation takes a hit? Let’s explore simple strategies for brand restoration in 10 easy steps. Start with Honesty: Brands are like relationships;…
Read More