Snapchat Wants to Make Your Money Disappear

…but they’re not going to keep it, silly!

Last night we saw the first “official” ad for Snapchat’s new cash-transferral service called Snapcash. Tell us if it makes any sense to you:

Unfortunately, this clip won’t disappear after ten seconds.

Still confused? Don’t worry — the company explained very little about the new product and its revised privacy policy in a pair of what we might call press releases.

Snapcash is a product created in partnership with Square rather than a third-party app (because Snapchat chose to ban all of those and issue related warnings to users this week). From the “introducing Snapcash” release:

“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.”

That’s kind of like companies handing responsibility for customers’ payment details over to PayPal. Here’s the key line from that updated TL;DR privacy policy, which is really just a concession to the FTC:

“We can’t guarantee that messages will be deleted within a specific timeframe. And even after we’ve deleted message data from our servers, that same data may remain in backup for a limited period of time.”

We’ve known for a few months that Snapchat’s primary selling point was false. The question: how many consumers will be comfortable sending their financial information to a company that can’t even keep their romantic selfies private?