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Estimates point to $5.2bn of peer-to-peer transfers this year and possiby $12bn by 2017.Snapchat, the disappearing photo app popular with teenagers, is tapping into that growth by allowing its users to send their friends something far more useful and usually less ephemeral than a vaporizing photo – cash
Snapcash is following the far larger networks Facebook and Twitter into the realm of social payments and commerce, which analysts say is a promising tool for generating revenue and keeping users active within the apps. Their expansion into payments is, however, a threat to established players, most notably retail banks that profit from cash transfer and wire fees, as well as PayPal, the market leader.
