Last week, Snapchat revealed a new service to their app: Snapcash, which will allow the users to send money to a friend to have it deposited into their bank accounts by simply enter ing the account number and amount to be transferred. With the reveal, they debuted an ad that feature a group of tap dancers wearing dollar signs and holding giant fake debit cards bursting into song, claiming that a swipe of three fingers can "make it rain", while a man who looks like the old man in Monopoly assures the Snapchat users that Snapcash is a "wise investment".
With over 100 million active users, the introduction of Snapcash shows just how widely used this app is by tech-savvy teenagers and young adults who grew up in this highly-technological world. However, I personally do not think that Snapchat made a great move with Snapcash because of the lack of security. In fact, quoting an analyst at Global Equities Research, I think that Snapcash is 'dead-on-departure' because there are already so many forms of online and mobile payments that are more secure and established. Snapchat is also a fun app that people use to send pictures and message that vanish within 10 seconds. Furthermore, I think that one hiccup in Snapcash will be very damaging to Snapchat's reliability.
What do you think? Do you plan to send money using Snapchat?
I totally agree with you Carissa! This is a really stupid move by Snapchat. People use it as you say for sending funny pictures or videos to friends or family. Many times the pictures are send to all the contacts and it´s just random who gets them. Sending money with an app which is known as a fun-app just does not make sense to me. I hope people do not use this, because it is also just very insecure. Everybody who can access your phone can send money from your bank account to another. This is just weird!
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