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November 18, 2014

You can now send money through Snapchat

Snapchat joins hand with mobile payment service provider Square.

By CBR Staff Writer

Snapchat has launched Snapcash, a new feature that will allow Snapchat users to send money to other users through the apps private messaging service.

Snapchat joined forces with mobile payment service provider Square to create the new service, which is available to debit card holders across the US.

According to reports, the financial information of the users will not be stored on Snapchat’s servers; instead users singing up for the service will have to create a Square Cash account.

The move could have been triggered by Snapchat’s past experience with cyber security breaches.

Snapchat said: "We set out to make payments faster and more fun, but we also know that security is essential when you’re dealing with money.

Square has a ton of experience in this area and our teams have been hard at work to make Snapcash a great experience for everyone."

After registering with Square, Snapchat users will be able to type a dollar amount to be send though the private message.

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Once the app recognises the amount, a green payments button will appear which has to be tapped to complete the transfer process.

Once the procedure is complete, the receiver will get the cash transferred to their bank account.

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