Will SnapCash be successful? It’s actually really hard to tell. Most users of Snapchat never log out of the app, so why not use it as a platform to exchange currency? SnapCash is integrated with Square Cash so both companies would acquire your credit or debit card information. No email is required, they would only go through your Snapchat ID. It is not limited to just iOS users; Android is equipped with the technology as well.
Setting it up is easy. In Snapchat you simply go into settings and click SnapCash. You will be prompted to agree to the terms of service and you must be 18 years or older to do so. Then you will have the ability to add a card and go from there. You will also be able to view your history and receipts in this location. You then go into the chat window, and if you put a dollar sign, the send button will turn green allowing the money to be sent. Once you send the money, there is no way of rescinding the transaction.
To maintain a security aspect, they also allow a security code just in case your phone gets stolen. The user attempting to send money
would need to enter the CVV code located on the back of your card.
Many think this new capability will increase the flow of pornography on Snapchat in exchange for money. The primary users are teens and other young adults, so the possibility of this occurring is extremely likely. Doing it is simple and the evidence gets deleted. Yik Yak and Twitter have had a slew of posts regarding SnapCash and they all are centered on jokes about paying for nudes.
The app is just trying to keep up with the times. Venemo is another app used for sending money freely to friends and it has been established for some time now. It’s used strictly for sending money in a professional manner, not along with a duck face selfie or a nude. The effectiveness of SnapCash could really go either way. We’ll have to wait and see.