Snapchat announced today it has teamed with Square to create a US-only (for now) social payment platform called Snapcash. Envisioned as a way to send money to friends using one’s phone, Snapcash works by pairing a debit card with Square, and then connecting that account to Snapchat.
While the idea is not new, the workflow — typing a dollar amount into a Snapchat window — is both intuitive and fast, two things that keep Snapchat users coming back. And due to the ephemeral nature of the platform, transaction history is secret.
No word on whether Snapcash will roll out to other markets, but I wouldn’t bet on it.
The real magic here is the promotional video, which is ten types of terrible.
[source]Snapchat[/source]
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