Shapchat has launched its new service “snapcash” which helps to transfer money instantly. Currently it is said this service is open to users in United States aged 18 and above. I would like to know is whether Snapcash is reliable and secured as anybody can easily transfer funds directly through a bank account?
Snapcash was created for Snapchat users. It is a fast and easy way to exchange money within Snapchat or within the chat feature. Snapcash was created in association with Square. When Snapchat users linked their debit card in the app, they have the option to send Snapcash to anyone in their contact list.
All payments that were sent via Snapcash are processed by Square. Also, before a Snapchat user is able to receive payments via Snapcash, he must first be eligible. To be eligible, the debit card should be a standard, U.S.-issued MasterCard or Visa debit cards. You cannot link your PayPal, credit card, pre-paid bank card, or ATM card to send and receive Snapcash.
You must also be 18 years old and above to qualify and a resident of any of the 50 U.S. states. You may not qualify if you are outside the United States, within the U.S. territories [like the U.S. Virgin Islands, Puerto Rico, Northern Mariana Islands, Guam, and American Samoa], and military bases outside the United States.
