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Home / Social Media Marketing / Snapcash – Send Money to Friends on Snapchat

Snapcash – Send Money to Friends on Snapchat

November 18, 2014 By John E Lincoln

snapcash

Snapchat, the popular photo messaging app, announced a new feature yesterday. You may have gotten a first glimpse at it when “Team Snapchat” sent users an introduction video. It’s called Snapcash and it essentially allows users to transfer money to one another. Snapchat has teamed up with Square, a rising star in the financial services field. Square also happens to have their own version of Snapcash, called Square Cash. However, with the popularity of Snapchat, the partnership makes perfect sense to help boost the branding of Square.

If you’re familiar with Snapchat, you’ll know they added a text feature a while back. This is where you will send money to friends using Snapchat. On this feature you simply type in the dollar amount, hit the green button and the money is now in your friends account. Of course you will need to add your debit card information. However this information will be kept with Square. Snapchat will not be storing any of the payment information. This will be a relief to those worried about Snapchat’s prior security issues. Snapchat was kind of enough to make a funny video introducing Snapcash, here is the two minute video.

This move could put Snapchat in a prime position for their ecommerce hopes. A while back we announced Snapchat would begin advertising and this new feature will play right into that. Previously, Snapchat did not have any real personal information of its users. All it asked for was a username and password. However now Snapchat will have access to the information associated with debit cards uploaded to square. With access to real names, addresses and so forth, Snapchat will have a much better idea of who their audience is. With that in effect, ad targeting is inevitable. Following in the footsteps of Facebook, Instagram and other major social media platforms, expect Snapchat to begin experimenting with new ways to bring users relevant ads. With these relevant ads, I would expect companies to send special offers to users and Snapcash being used to purchase the product directly. If you are an avid Snapchat user, do you think Snapcash will take flight? Would you use it to send money to friends or to purchase products? Also, what else could Snapcash be used for? Let us know what you think!

Work Cited:

“Snapchat lets you transfer money to friends with Snapcash” by Jason Abbruzzese
“Snapchat Now Lets You Send Money To Friends Through Snapcash Deal With Square Cash” by Josh Constine

About John E Lincoln

John Lincoln (MBA) is CEO of Ignite Visibility (a 2017, 2018, 2019 and 2020 Inc. 5000 company) a highly sought-after digital marketing strategist, industry speaker and author of two books, "The Forecaster Method" and "Digital Influencer." Over the course of his career, Lincoln has worked with over 1,000 online businesses ranging from small startups to amazing clients such as Office Depot, Tony Robbins, Morgan Stanley, Fox, USA Today, COX and The Knot World Wide. John Lincoln is the editor of the Ignite Visibility blog. While he is a contributor, he does not write all of the articles and in many cases he is supported to ensure timely content.

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About The Editor

John E Lincoln, CEO

John Lincoln is CEO of Ignite Visibility, one of the top digital marketing agencies in the nation and a 6x Inc. 5,000 company. Lincoln is consistently named one of the top marketing experts in the industry. He has been recipient of the Search Engine Land "Search Marketer of the Year" award, named the #1 SEO consultant in the USA by Clutch.co, most admired CEO and 40 under 40. Lincoln has written two books (The Forecaster Method and Digital Influencer) and made two movies (SEO: The Movie and Social Media Marketing: The Movie) on digital marketing. He is a digital marketing strategy adviser to some of the biggest names in business. John Lincoln is the editor of the Ignite Visibility blog. While he is a major contributor, he does not write all of the articles.

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