Snapchat has partnered up with Square to offer a new payment product called Snapcash. As you'd imagine, it's a way to pay people using Snapchat.
When people think of Square, they no doubt think about the card readers often used by small businesses, but Square has other products including Square Cash, which lets you simply send payments to people by email or text.
Snapcash is more in that vein. In a blog post, Snapchat says:
We’re huge fans of the folks at Square and have been big admirers of Square Cash since it launched – just type a dollar amount into the subject line of an email and send cash to friends. Genius!
We loved it so much that we wanted to create something with them that felt Snapchat-y. So we built a Snapcash prototype and shared it with the team at Square. Luckily for us, they were just as excited as we were and wanted to build it together.
Users enter their debit card, and it's stored by Square, who processes payments and sends cash directly to friends' bank accounts. Users can swipe into chat, type the dollar sign and an amount, and hit the green button. That's basically all there is to it.
Image via YouTube