Now, your money can disappear as fast as a photo on Snapchat. The hot startup is enabling users to quickly transfer cash to each other thanks to a partnership with Square.
Snapchat announced the money-sending service in a blog post today, but it had been expected to enter e-commerce for some time.
Square is the credit card processing startup co-founded by Twitter's Jack Dorsey. The San Francisco-based company will power the financial back-end of Snapchat's money feature, called Snapcash.
Sending money is similar to sending a message to a contact in Snapchat. The user has to upload financial details to get started.
Snapchat also updated its privacy policies today as the company needs to outline how it will store Snapcash data. Square is handling the data security.
"After you enter your debit card, it's securely stored by Square, who will swiftly process your payment and send cash directly to your friend's bank account. Just swipe into chat, type the dollar sign, an amount (e.g. $11.25), and hit the green button," Snapchat said in its blog post.
The Los Angeles-based tech player also has been delivering its first advertising to users, who have seen video promos for movies, showing up in their recent updates.