Mobile messaging company Snapchat is launching a new service that lets users send money to one another, in a partnership with online payments company Square.
The
service, dubbed Snapcash, allows Snapchat users to link their debit cards to
their accounts and quickly send money to a contact by starting a chat on a
smartphone, typing in a dollar sign and an amount and hitting a green button,
Snapchat has explained recently.
The
move marks the latest sign of expansion plans for Los Angeles-based Snapchat,
which lets users exchange photos that automatically disappear after a few
seconds. The company has been valued at $10 billion in its most recent
fundraising effort, and is considered a growing threat to Web companies
including Facebook and Twitter.
“We
set out to make payments faster and more fun, but we also know that security is
essential when you’re dealing with money,” Snapchat said.
The
company said that debit card information will be stored by Square and that
Square will process the payments, transferring money between bank accounts.
Snapchat said Snapcash is available in the United States for users age 18 and
above.
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