I am pretty sure that Snapchat’s new payment option, Snapcash, is either the best idea I have ever heard… or the worst. We are all familiar with the send and expire nature of Snapchat, and how easy it is to communicate with your friends quickly and easily. Thanks to a deal with Square Cash, you can connect up your debit card (as long as you are at least 18 years old), type in the dollar amount you want to transfer, and with a single tap be sending money to anybody on your contact list.
Snapcash is integrated directly into the existing Snapchat app, just preface your message with a dollar sign and the amount you wish to transfer. Use the green button and the cash will be sent instantly (if your friend isn’t signed up, it will be waiting for them as soon as they do) –as long as it’s received within 24-hours, after which time the unclaimed cash will be refunded to you.
There are plenty of good points here, not the least of which being the tens of millions of users already using Snapchat. Of course, the service has had a few security leaks as of late… and the anonymous nature of the service doesn’t lend itself well to financial transactions. My other concern is how they regulate abuse of the system: how many messages will be sent and received that transfer a few cents? what is the recourse for monies sent to the wrong contact? I’m sure these things and more will work themselves out as the feature is used and feedback gathered.
Even if you aren’t interested in this service in the slightest, I highly recommend watching the introduction promotional video released by Snapchat for the entertainment value –because words fail to properly describe how ridiculous it is (though I am warning you ahead of time that there will be no apologies for stealing 2 minutes and 6 seconds of your life that cannot be given back to you).
The Snapcash feature is already available in the US on Android with an iOS update coming soon.