Snapchat update lets you send money to other users

Snapchat is getting a new trick that goes beyond sending self-destructing messages to your friends, now you can send money too. The new feature is called Snapcash and it is designed to easily send cash to friends and family.

We know what you’re thinking, “why would anyone want to trust Snapchat, an app with a fairly bad security record, with their financials?” Thankfully Snapchat’s partner, Square, will be handling the security side of things.

The product you’re seeing today is fast, fun, and incredibly simple. 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.

It’s also worth noting that Snapcash requires you to be in the United States, have a debit card and be at least 18 years of age. With so many similar cash transfer services out there with a better reputation for security (including Square’s own Square Cash), we imagine most folks will steer away from this one, but we suppose that Snapchat fans may find the idea appealing.

You can download the latest update, with support for Snapcash, directly from Google Play now. What do you think of the idea of Snapcash? Let us know in the comments. (And for those wondering, yes, the video creeped me out a bit as well.)