The second half of 2014 has been a time of big changes for photo messaging application Snapchat. In October the application debuted its first advertisement for a new movie, and earlier this month Snapchat did something new and revealed a feature that allows you to send cash–Snapcash.
Snapcash is a feature, first of a kind, that pulls away from disappearing messages into reality. This feature is built directly into Snapchat and allows users to send cash to friends through messaging using a third party app called Square Cash. The process is quite simple; the user opens messaging and types in the amount of money they would like to send, which in turn opens a page that asks the user to type in their credit card number and voila the money is sent to their friend. This feature is definitely a game changer for Snapchat, as an app that was meant for casual photo messaging has more real life effects.
There are definite perks to this feature, along with a new problem. The new problem that these features bring up though don’t have to do with being unique, but instead with the safety and privacy of Snapchat users.
If you remember, in early October Snapchat was hacked and about 98,000 Snapchat pictures and videos were posted online. While this was the first hack of its kind, this attack demonstrated how vulnerable users can become without their knowing. After this incident, bringing in financial information into the picture can seem like a risk.
Even though the financial aspect of the app is handled by Square Cash, I know I am hesitant to send money through Snapcash. I am an avid user of Snapchat, but I do not see it as a reliable channel of sending money. Ironically, I have used Square Cash (the app that handles the transaction) and find it very convenient, but it will take a couple of updates and months for me to get used to concept of having a social app that has money transferring capabilities.
What are your thoughts on Snapcash? Are you eager to use it or no?
Here is the video that Snapchat released to reveal its new feature: