… while SnapChat teams up with Square in the US as social payments gain some ground
In the same week that IMI Mobile rolls out Tweet to Donate – a precursor to using twitter to pay for things – social network SnapChat has partnered with Square to roll out payments between SnapChat users.
SnapCash will allow SnapChat users can send money to one another by prefacing a message with the dollar symbol and then the amount. It is available in the US only to start with and can only be used my people over 18 years old with a Visa or Mastercard debit card to link to the service.
The service builds on Square’s SquareCash service which has allowed Square account holders to email cash to each other. SnapCash will see users create a Square account when they set it up and SnapChat won’t store customer account details.
“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,” the company said in a blog.
The launch comes as IMI rolls out its Tweet to Donate service for Children in Need at the end of last week. It also comes a month or so after Facebook’s Mark Zuckerberg told the media in the US that there would be an overlap between its messaging and payments services in the coming months