This video explains the service with all the pizzazz and panache of a 1950s musical.. Square and Snapchat are however going to have to overcome questions about the sanctity of users’ financial information after Snapchat recently suffered a hack into its user photos.
Based on Snapchat’s announcement, it is unclear what kind of deal has been struck between the two companies, as it doesn’t appear that users will be charged for the service. Snapcash is likely built on top of Square’s own money-sending service called Square Cash that launched about a year ago. Normally Square charges business owners that accept payments through their Square Register platform a 2.75 percent of every card swipe. Square Cash, which is more like a digital wallet than a company cash register, is free to use.