Snap Chat will enter the growing market for mobile payments. New update makes it possible to transfer money, in the same way you transfer images.
Snap Chat will take up the fight in the rapidly growing market for mobile payments. The new feature is called Snap Cash and allows you to swipe money to others in much the same way as today it sends small quick pictures and messages. Snap Cash is developed in a partnership with Square, which specializes in mobile payment. It’s Square, in charge of the technical parts and security issues.
Snap Chat has been around since 2011 and had around 100 million users a month. It is primarily targeting young people to use the service. Via Snap Chat you can send pictures to your friends. In contrast to the usual chat apps, it deletes the sent images after a few seconds.
In order to use the new payment feature, you must be over 18 years. It rules out more than half of Snap Chats users.
The feature is currently only available in the US. Whether or when it would be spreaded to the rest of the world is not yet known.