Snapchat has launched a service, Snapcash, which allows users to send money directly to friends through the app.
The Snapchat team worked with Square, a system which allows users to send or ask for money, to create the new service.
In a blog post, Snapchat said: “The product you’re seeing today is fast, fun, and incredibly simple. After you enter your debit card, it’s securely stored by Square, who will swiftly process your payment and send cash directly to your friend’s bank account. Just swipe into chat, type the dollar sign, an amount (e.g. $11.25), and hit the green button.”
The company admitted that “security is essential” in an app such as this, and that it had been working with Square to make sure this was up to scratch.
At the moment, Snapcash is available to Snapchatters in the United States who have a debit card and are 18 or older.
This is just one way that finance is changing. Watch our Day Before Tomorrow video below to find out how else the money world has been disrupted by technology.