Snapcash feature launched in Snapchat new update

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The latest update of the popular photo messaging application, Snapchat will allow users above 18, residing in the United States, to send money to their Snapchat friends through a new feature called Snapcash. The company has teamed up with payment processing company Square to make this possible.

The announcement was made through a blog post on the firm’s official website. Founded in 2011, by Evan Spiegel, Snapchat currently has a user base of 100 million monthly active users. Snapchat has also informed that personal information of a person will not be stored on its servers.

Currently, Snapchash is available only on the Android version of the app. The Apple App Store update will be coming soon, said Snapchat. To transfer money, there is some criteria. A person must be 18 (Faking age is not very hard), a resident of the United States and must have a debit card.

People will need to link their bank accounts with the Square account, from which they will be able to send and receive money from friends. The feature was launched Monday, November 17, 2014. This is a concerted effort by Snapchat to spread its wings beyond just photo messaging.

In October, the photo messaging service launched its first ever video ad in Snapchat Story – horror movie Ouija Board’s trailer. Depending on private investments all this while, Snapchat is currently valued at $10 billion.

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