While Google or Venmo, tries to implement peer-to-peer payments, Snapchat is getting more popular and popular according to consumer side. This application is trying to overcome Google, or Venmo and other p2p payments on the market, as they already gained popularity through widespread consumer adoption.
Snapchat is Android application, also going to be developed for IPhone, that allows to fast chat or send individual messages to people you like. Square cash and Snapchat had a deal, that allowed to implement a payment option. The procedure allows a five year old child to do the procedure. To make a payment you need to add your debit card, enter the amount of money and a dollar sign. A dollar sign is important part of the procedure, as the application code recognize it, and allows to transfer money, by hitting the green button.
Among p2p payments, Snapchat can be used to buy different store products, or it can be used for ecommerce. When a product company releases a new product, application will sent advertisement directly to your smartphone, and if you are interested, you can buy it within getting to store website, all you need is just hit that green button. Ad targeting can be improved by cross-referencing your debit-card information with other Snapchat users. To be eligible to use Snapcash you have to be eighteen years old or higher, because operations with money require you to be an adult, and be responsible for different actions if something wrong happens.
When you tap a green button, money is sent directly to your friends account. If they aren’t signed up, a message will pop up as soon as they get into the system. If the person who is not signed up do not accept payment confirmation within twenty-four hours, your money will be refunded, so you don’t have to worry about cash loss.
Jack Dorsey founder of Square and Snapchat agreement are staying top secret for now, because Snapchat will screen and expose Jacks credit card number or company brand. In future Snapchat are planning to offer more payment methods. Square only supports Visa or MasterCard debit cards, so it’s going to be a problem to introduce new payment methods like PayPal or Webmoney.
