Some time ago we reported about a new type of service or feature coming from Snapchat that would tie in payment and potentially sales of digital goods through the app. While were not sure exactly about the part concerning digital goods sales through the Snapchat service, it seems that there is going to be some integrated payment features that users can take advantage of. It's called Snapcash, and Snapchat announced the partnership and new feature this morning via their blog.
The Snapcash feature basically allows users to send money to one another via the snap, not too unlike the way they send photos of one another. Think about the way that people can already do this with PayPal, Google Wallet, and another popular chat app called Groupme which allows for sending payments between the people included in the group chat as a way to split tips. While this is by no means a revolutionary feature for the mobile world, it is a revolutionary new feature for Snapchat itself, especially since there really aren't many other like service offering a similar feature. A slightly longer than two minute video spot accompanied the announcement from Snapchat this morning, which lets users attach their bank account and/or debit and credit cards to the Snapcash service, safely and securely, for use with future payments when wanting to send someone cash for whatever reason.
Snapchat is touting the ease of use as kind of their niche, being "fast, fun, and incredibly simple." When sending a payment using Snapcash, the payment goes directly to the recipients back account so there's apparently no man in the middle holding onto things while payments clear. We of course have no way of knowing exactly how quick the payments go through at this point, but we'd imagine by the way things were advertised in the video that payments come through pretty quickly and money is deposited into one's account within minutes. There really isn't much detail on the feature, whether it'll be introduced into the existing Snapchat app or if it will have a standalone app of its own, or whether we'll be seeing this hit both iOS and Android within the same time frame. More details will surely pour out about Snapcash as the day goes on, so keep your eyes peeled if you're interested.