Sending cash is now as easy as a snap. Snapchat on Monday introduced a brand new feature and it’s one that, maybe, just maybe, will help it monetize the service moving forward. It’s called Snapcash and it lets you send money to your fellow Snapchatters.
Of course, Snapcash is just one of several mobile payment options on the market right now. PayPal, Square Cash and Venmo are three popular alternatives that already exist — and Facebook is reportedly working on its own option — but Snapcash in slightly different.
First, there are already an estimated 100 million active users on the service (as of Aug.), most of which already use it to connect with friends through chat. It seems like a natural extension, then, to allow friends to send cash to one another, too. Second, it’s actually powered by Square instead of a homebrew solution.
According to Re/Code, Square will manage user payment information; it’s also likely the firm is getting a cut of the transactions running through Snapcash, though what percentage, if any, is still unclear.
Once a credit card is linked to the service, users can take advantage of the Snapcash application by sending a message to another user with a dollar amount attached to it. Visa and MasterCard are supported at launch, Re/Code said, noting that the service should be live now for Android users. iOS Snapchatters may need to wait just a bit longer, but support for that platform is indeed coming.