You can now send money via… Snapchat (and Square Cash).
What does it all mean?
Google Wallet, Apple Pay, Venmo, and now Snapcash? With so many mobile wallets unveiling from established brands we trust, does Snapchat have a chance?
Snapchat offers the only money transfer service from a truly consumer perspective. (+1)
As of August, 100 MILLION people were actively using Snapchat with their closest friends (+1)
There is potential for brands to utilize Snapchat as a way to visually display their capabilities, even allowing consumers to make instant purchases. (+1)
18+ US users can now sign up by adding a Visa or Mastercard debit card, with all account details being held by Square Cash. (+2)
Ease of use: simply type a $ sign, and the send button turns green. Send funds to friends and if they don’t sign up within 24 hours, the money is put directly back into your account. (+1)
Snapchat is asserting itself w a group that are less likely to use payment apps than an older audience. (+1)
No other p2p payment system has gained the adoption Snapchat has. (+1)
Snapchat appeals to a very specific demographic. (Data shows that 71% of Snapchat users are under 25). (+1)
Snapchat is based around the idea of disappearance and prevalent news of security breaches isn’t exactly what you’d associate with, “here, take my money!” (+1)
If you don’t already have Snapchat, you’re not going to d/l it for the sole purpose of sending funds. (+1)
If you don’t already have Snapchat, people you’d send money to probably don’t either. (+1)
Square only handles Visa and Mastercard. (+1)
THE SCORE: 8 Pro SnapCash, and 5 factors going against. Can you think of more? Leave them in the comments.
Some more fun facts: