Recently there has been a lot of talk over the use of money on social media websites. Some big names include Facebook and Instagram who allow you to make purchases through their platforms, but another big name is joining in the race. Snapchat has released that they are in the midst of developing a way to snap checks and other forms of payment via Snapchat. Partnered with the payment firm Square, the user will have the option to take a picture of their debit or credit card and be able to make payments via sending Snaps.
This new payment system is called SnapCash and includes some pretty interesting features. For the payment to work, the user needs to have entered all their card information into their respective Snapchat accounts on their mobile device. Once this is done, the user can decide whether to send the payment when they send snap, and the individual receiving the payment has 24 hours to accept the payment. If they do not accept the payment within the 24 hour period, then Snapchat will cancel the payment, and like regular snaps, it will disappear.
Though this seems like a pretty flawless idea and includes some nice safety features, I still feel very nervous about even considering putting my bank card on snap chat. With all the recent hacking incidents going on across the world, I don't necessarily think this is a very safe thing for hundreds of thousands of people to do.
source:
http://time.com/money/3592310/snapchat-snap-money-cash-friends-peer-to-peer/
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