Snapchat, in partnership with Square, a financial services and merchant services aggregator, has launched a new payment service Snapcash that will allow users to send money to other clients of the messaging app.
The feature is integrated into the Snapchat messaging app and will be initially available in the Android devices to Snapchat users in the US who are over 18 years old.
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The new service, with MasterCard or Visa debit card information stored on Square’s secure servers, will recognize a dollar amount in a text message and present a payment button that will convert the suggestion of money into an actual transaction.
Snapchat will be monitored by US Federal Trade Commission (FTC) for 20 years considering the security issues faced by the firm earlier.
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By GlobalData
