In Singapore, the banks are all introducing various online payment systems, Maybank and StandardChartered both have such systems. Unfortunately, they don’t seemed to be well received. Anyway, popular instant chatting software maker SnapChat joins in the online payment using mobile. Just link up your debit card to your mobile number and you can easily debit or credit your bank account. It is not known if the SnapCash is available outside USA. Do let us know if you are successful in doing that. That will greatly reduce the foreign exchange costs involved.
Today is a big day for us – we are launching our first product created in partnership with another company. 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.
The product you’re seeing today is fast, fun, and incredibly simple. After you enter your debit card, it’s securely stored by Square, who will swiftly process your payment and send cash directly to your friend’s bank account. Just swipe into chat, type the dollar sign, an amount (e.g. $11.25), and hit the green button.
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.
We hope you enjoy Snapcash as much as we do.