Snapchat is an app that allows users to share pictures that lasts for seconds at a time. But in a new move, the mobile application will now give its clients the prospect of sending cash.
In an announcement the photo-sharing service introduced its new payment service "Snapcash" in which the users can link their Visa or MasterCard debit cards to their own accounts.
Square Cash, is partnering with Snapchat for this venture and will hold all account details. This implies that Snapchat, which has past record of security breaches, would not be holding any payment information of the users.
Hackers had claimed in October of accessing approximately 200,000 Snapchat accounts along with hundreds of thousands of pictures through a third party applications "The Snappening."
The photo-sharing service introduced its new feature with a detailed musical video.
Using this application when an individual wants to send money to someone, they just need to type a dollar sign along with the intended amount which they desire to pay. The app will mechanically recognize the attempt of payment and will clear the transaction. In case the receiver of the money does not have Snapchat or does not sign up within the time limit of twenty four hours then the cash will be refunded to the senders account.
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