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Snapchat develops Snapcash feature for user-to-user payments
A new Snapchat feature will allow users to send money to friends alongside disappearing doodles.
The instant messaging app has teamed up with payments processing firm Square to develop Snapcash; a new feature which allows users to send money directly into a friend’s bank account.
Snapchat says users’ debit card details will be “securely stored” on Square’s servers. Money can be sent from user-to-user simply by typing "$" followed by the amount in a direct message.
The new Snapcash feature is currently only available to users in the US aged 18 or over.
However, many users may feel reticent to upload debit card details to an app renowned for its ephemeral messages and security issues.
In October thousands of hacked Snapchat images were leaked online, exposing the app’s flawed security settings.
In a blog post announcing the new feature Snapchat said:
We set out to make payments faster and more fun, but we also know that security is essential when you’re dealing with money. Square has a ton of experience in this area and our teams have been hard at work to make Snapcash a great experience for everyone. For now, Snapcash is available to Snapchatters in the United States who have a debit card and are 18 or older.
According to reports, Snapchat is currently fundraising at a valuation of $12bn (£7.5bn).