On Monday, social media dashboard Snapchat rolled out a brand new function within their app that allows users to send money to one another – it’s called “Snapcash.” They have teamed up with the well-known mobile transaction company Square to allow Snapchat users to e-literally ‘make it rain.’ All you have to do is enter your debit card information, which is stored by Square, and then swipe into chat and type the dollar sign, an amount, and viola.
As always, whenever there is an update or added function to any social media dashboard, there has been widespread positive reception as well as criticism of this function. Criticisms range from saying Snapcash will encourage nude photos/videos for money, (which Snapchat is already known for) and wondering why this function is even necessary with options like Paypal, Google Wallet and Square itself.
Users are by default limited to sending $250 a week with the option of raising that to $2,500. You are also limited in how much you can receive, which is $1,000 at the moment. Currently, Snapcash is in beta and only available in the U.S. It’s available for iOS and Andriod. There is also an age limit of 18 and older, which is probably a good thing so that parents aren’t going broke from their teens sending money everywhere.
Bottom line, Snapchat needs to start making money. They are currently valued at $10 billion and haven’t made a cent to date. We don’t know how people are going to use this service, but we’ll just have to wait and see.
Feature image: Snapchat